Markets Advance On Strong Earnings
The markets advanced during the midday with the Dow climbing 55 points to 13,881 on strong earnings news. Nasdaq gained 21 points to 3151.
On the upside
Molycorp (Nasdaq: MCP) priced its public offering of 37.5 million common shares at the discounted price of $6.00 per share but the stock price rose.
Bargain hunters snapped up shares of Cirrus Logic (Nasdaq: CRUS), whose stock price fell yesterday on a disappointing forecast.
On the downside
Concerns that Ctrip.com International (Nasdaq: CTRP) will begin offering rebate coupons for airfares weighed down shares of the travel services firm. Shares of AuRico Gold (NYSE: AUQ), Eldorado Gold (NYSE: EGO) and Kinross Gold (NYSE: KGC) fell as gold prices retreated.
Ship Finance International (Nasdaq: SFL) will offer $250 million in convertible senior notes.
In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 7 on the NYSE and by nearly 5 to 4 on Nasdaq. The broader S&P 500 index rose 7 points to 1501.
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