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Increase In Worker Productivity Boosts Markets
Thursday November 05, 2009 - 12:08 PM EST
Increased worker productivity and lower than expected jobless claims sent the markets soaring during the midday with the Dow leaping 179 points to 9981. Nasdaq jumped 45 points to 2100.
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Increased worker productivity and lower than expected jobless claims sent the markets soaring during the midday with the Dow leaping 179 points to 9981. Nasdaq jumped 45 points to 2100.
On the upside Sanmina-SCI (Nasdaq: SANM) narrowed fourth quarter losses and forecast first quarter results above expectations. Although Lamar (Nasdaq: LAMR) swung to a third quarter loss, the results were better than expected and the company forecast fourth quarter revenue ahead of analyst estimates. In a deal valued at approximately $5.2 billion, TPG Capital and CPP Investment Board will acquire IMS Health (NYSE: RX). On the downside Delta Petroleum (Nasdaq: DPTR) swung to a wider than expected loss for the third quarter. October same store sales for American Eagle Outfitters (NYSE: AEO) dropped. Analysts were anticipating a gain in sales. Third quarter funds from operations plunged for Kimco Realty (NYSE: KIM) as occupancy rates fell prompting the strip mall owner to cut its full year outlook. In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 13 points to 576.
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