The markets pulled back from early morning highs but continued trading in positive territory despite record low consumer confidence as investors snapped up bargains. The Dow soared 144 points to 8320 while Nasdaq climbed 20 points to 1526.
On the upside
Apria Healthcare Group's (NYSE: AHG) merger with Sky Merger Sub will close today. The company will be delisted from the NYSE and each outstanding share of common stock will be converted to a right to receive a cash payment of $21.HealthSouth (NYSE: HLS) affirmed its fiscal 2008 earnings outlook and maintained that its business fundamentals are strong.
Although third quarter earnings fell for Hercules (NYSE: HPC), revenue rose to top analyst expectations.
On the downside
While Rent-A-Center (Nasdaq: RCII) reported higher third quarter earnings, revenue fell.Buffalo Wild Wings (Nasdaq: BWLD) reported higher third quarter earnings but the results missed expectations.
Keefe Bruyette downgraded AmeriCredit (NYSE: ACF) after the auto loan company swung to a first quarter loss and warned of higher credit losses.
In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 4 points to 445.
