Markets Higher At Midday As Jobless Claims Tumble
The markets traded higher during the midday with the Dow gaining 43 points to 13,388 as jobless claims tumbled to a four year low. Nasdaq rose 9 points to 3061.
On the upside
Dahlman Rose & Co. analyst Daniel W. Scott expects coal demand to rise in China lifting shares of Alpha Natural Resources (NYSE: ANR), Arch Coal (NYSE: ACI) and Peabody Energy (NYSE: BTU).
J.C. Penney (NYSE: JCP) sent $10 off coupons to entice customers to their newly remodeled stores.
Billionaire investor Carl Icahn offered a premium of $32.50 per share to acquire Oshkosh (NYSE: OSK).
On the downside
Dollar Tree (Nasdaq: DLTR) expects third quarter revenue to be at the low end of its previous guidance.
MKM Partners downgraded Lennar (NYSE: LEN) to a Neutral rating.
Investors locked in profits on AuRico Gold (NYSE: AUQ) whose stock price soared yesterday after announcing the sale of its Ocampo mine to Minera Frisco.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by nearly 7 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 5 points to 831.
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