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HPC Market Watch

July 30, 2008 at 17:48 PM EDT
Closing Bell Report
The Federal Reserve's decision to extend its emergency loan program boosted investor sentiment to lift the markets to a sharply higher close with the Dow leaping 186 points to 11,584. Nasdaq climbed 10 points to 2330.

On the upside

Turkish cell phone company Turkcell (NYSE: TKC) will pay $500 million to purchase an 80% stake in Belarusian Telecommunciations Network.

Second quarter earnings surged for Hess (NYSE: HES) due to record crude oil prices.

Teck Cominco (NYSE: TCK) announced a $14 billion cash and stock deal to acquire Fording Canadian Coal Trust (NYSE: FDG).

On the downside

Kemet (NYSE: KEM) blamed higher energy expenses and pricing pressure for swinging to a first quarter loss. The capacitor maker also announced the elimination of 640 jobs.

Although Hanesbrands (NYSE: HBI) reported higher second quarter earnings that more than doubled, the results fell short of estimates.

CommScope (NYSE: ULTI) blamed a one-time charge for sharply lower second quarter earnings.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 4 points to 719.

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