Trade Deficit Narrows, Markets Rise

The nation's trade deficit fell to a nine month low in October to lift the market higher during the midday with the Dow rising 27 points to 11,397. Nasdaq gained 18 points to 2635.

On the upside

Ramius raised its buyout offer for Cypress Bioscience (Nasdaq: CYPB) to $5.50 per share from $4.25 per share.

Dice Holdings (NYSE: DHX) priced its public offering of 12 million common shares at $10.75 per share.

Jackson Hewitt Tax Service (NYSE: JTX) announced that it will be able to fund 80% of its refund application loan program in 2011.

On the downside

Rumors that Great Atlantic & Pacific Tea (NYSE: GAP) may file for bankruptcy protection sent shares of the supermarket chain tumbling.

Borders Group (NYSE: BGP) widened third quarter losses as sales plunged.

Allied Irish Banks (NYSE: AIB), which received a bailout of $3.5 billion euros, will pay 40 million euros in bonuses.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 775.


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