Second Greek Bailout Approved, Markets Close Higher

European countries officially approved the second bailout package for Greece to lift the markets to a modestly higher close with the Dow rising 16 points to 13,194. Nasdaq edged up a fraction to 3040.

On the upside

Endocyte (Nasdaq: ECYT) will apply for conditional marketing authorization with the European Union for its ovarian cancer treatments EC145 and EC20. 

Credit Suisse analyst Edward J. Kelly suggested that an acquisition of Rite Aid (NYSE: RAD) by Walgreen (NYSE: WAG) would be a good fit.

Eagle Bulk Shipping (Nasdaq: EGLE) reported a smaller than expected loss for the fourth quarter.

On the downside

Penson Worldwide (Nasdaq: PNSN) widened fourth quarter losses.   

Concerns that Youku’s (NYSE: YOKU) $1 billion offer to purchase smaller rival Tudou was too high weighed down shares of the online video site. 

  

Shares of uranium producer Cameco (NYSE: CCJ) fell after a series of earthquakes struck Japan earlier today.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 823.

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