Markets Soar On Upbeat Economic Data
Upbeat jobs data along with strong gains in consumer confidence lifted that markets to a sharply higher close with the Dow soaring 136 points to 13,232. Nasdaq jumped 42 points to 3020.
On the upside
Third quarter earnings fell for Sourcefire (Nasdaq: FIRE) but the results were better than expected and the company forecast current quarter results ahead of estimates.
Advance Auto Parts (NYSE: AAP) retained the services of Blackstone Advisory to explore a possible sale of the company.
K-Swiss (Nasdaq: KSWS) narrowed third quarter losses more than expected even as revenue fell. On the downside
Pfizer (NYSE: PFE) will conduct additional tests on Pain Therapeutics' (Nasdaq: PTIE) pain treatment Remoxy before deciding whether or not to continue developing the medication. Durect's (NYSE: DRRX) Oradur technology was used to formulate Remoxy.
Berry Petroleum (NYSE: BRY) disappointed with sharply lower third quarter earnings that fell short of analyst expectations.
Third quarter earnings surged for Ocwen Financial (NYSE: OCN) but the results missed expectations.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 827.
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