Higher Close On Upbeat Earnings
Posted on April 11, 2012 at 18:37 PM EDT
Investors welcomed upbeat earnings news to lift the markets to a higher close with the Dow climbing 89 points to 12,805. Nasdaq gained 25 points to 3016.
On the upside
A Seeking Alpha contributor noted that NewLead Holdings (Nasdaq: NEWL) recently regained compliance for Nasdaq listing and reached a non-binding preliminary agreement with shipping company Lemissoler.
Cal Dive International (NYSE: DVR) will form a joint venture with Flatiron Construction and Cashman Equipment to develop an offshore wind project.
Investors snapped up shares of MEMC Electronic Materials (NYSE: WFR) whose stock price tumbled to a 52-week on Monday.
On the downside
E-Commerce China Dangdang (NYSE: DANG) signed an exclusive agreement to sell large home appliances only from electronics retailer Gome.
Investors locked in profits on Molycorp (NYSE: MCP) whose stock price climbed on Monday after announcing a 36% increase in rare earth minerals reserves at its Mountain Pass, California mine.
In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 12 points to 796.
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