First time applications for unemployment benefits fell more than expected to lift the markets to a higher close with the Dow climbing 45 points 12,605. Nasdaq gained 8 points to 2823.
On the upside
Glu Mobile (Nasdaq: GLUU) will host an analyst day on Thursday, May 26, 2011 in San Francisco.
Thermo Fisher Scientific (NYSE: TMO) will acquire Phadia for approximately $3.5 billion in cash.
Bargain hunters snapped up shares of Central European Distribution (Nasdaq: CEDC) whose stock price fell yesterday after a downgrade.
On the downside
Absaroka Capital initiated coverage of Yongye International (Nasdaq: YONG) with a Conviction Sell rating yesterday.
Tidewater (NYSE: TDW) disappointed with sharply lower fourth quarter earnings that fell far short of analyst expectations.
NEI's (Nasdaq: NEI) largest client will dual source one of its product lines which will reduce NEI's revenue by approximately $5 million to $7 million for the quarter ending September 30, 2011. Future revenue will decline by approximately $9 million to $11 million per quarter.
In the broad market, advancing issues outpaced decliners by margin of more than 7 to 5 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a point to 835.
