Investors Eye Fiscal Cliff and Rebounding Sales at McDonald's
Investors remained wary about the fiscal cliff as well as euro zone debt. The markets extended modest gains as the Dow rose 28 points to 13,183. Nasdaq gained 16 points to 2994. On the upside
McDonald's (NYSE:MCD) same-store sales in November rose 2.4% reversing October's decline, the first in 9 years. Shares of Celldex Therapeutics (Nasdaq: CLDX) surged after the company announced positive results for its breast cancer treatment. Shares of UniPixel (Nasdaq: UNXL) extended Friday's again after the touchscreen equipment company announced a major deal with an undisclosed PC maker. On the downside American International Group (NYSE: AIG) said losses related to superstore Sandy will total $1.3 billion. Shares of Diamond Foods (Nasdaq: DMND) fell after the snack maker posted a 4th quarter that beat expectations. However, an ongoing accounting probe weighed on the stock. Shares of clothing retailer Gap (NYSE: GPS) continued to erode. The operator of Old Navy and Banana Republic stores recently reported a 3% increase in same-store November sales which missed estimates. In the broad market, advancing issues outpaced decliners by a margin of 4 to 3 on both the NYSE and Nasdaq. The S&P 500 added 2 points to 1420.