Consumer sentiment climbed more than expected in May to lift the markets to a modestly higher close with the Dow rising 38 points to 12,441. Nasdaq gained 13 points to 2796.
On the upside
First quarter earnings climbed for rue21 (Nasdaq: RUE) to surpass analyst expectations prompting the teen apparel retailer to lift its full year outlook.
UBS, Jefferies & Co. and Needham all initiated coverage of Sequans (Nasdaq: SQNS) yesterday with Buy ratings while Robert W. Baird initiated with an Outperform rating.
Bargain hunters lifted shares of Polo Ralph Lauren (NYSE: RL), whose shares plunged on Wednesday after reporting lower fourth quarter earnings that fell short of analyst expectations.
On the downside
Deutsche Bank downgraded Weyerhaeuser (NYSE: WY) to a Sell rating.
Paragon Shipping (NYSE: PRGN) disappointed with lower first quarter earnings.
Investors locked in profits on Glu Mobile (NYSE: GLUU), whose shares climbed yesterday after the mobile gaming company lifted its second quarter outlook.
In the broad market, advancing issues outpaced decliners by a margin of 3 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 836.
