Gain In Consumer Sentiment Lifts Markets
November consumer sentiment climbed more than expected to a five year high to lift the markets to a higher open with the Dow adding 16 points to 12,827 after two days of sharp sell-offs. Nasdaq rose 15 points to 2910.
On the upside
Molycorp (Nasdaq: MCP) fell to a loss for the third quarter but the results were better than expected.
Priceline (Nasdaq: PCLN) will pay approximately $1.8 billion in cash and stock to acquire Kayak Software (Nasdaq: KYAK). On the downside
Groupon (Nasdaq: GRPN) narrowed third quarter losses as revenue surged but the results fell short of expectations.
Shares of SandRidge Energy (NYSE: SD) continued falling after shareholder TPG-Axon Capital Management called for the replacement of chief executive Tom Ward yesterday and recommended that the company sell itself.
J.C. Penney (NYSE: JCP) disappointed with a wider than expected loss for the third quarter as revenue plunged.
In the broad market, declining issues outpaced advancers by a margin of more than 9 to 7 the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 793.
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