Hope For Chinese Stimulus Measures Boost Stocks
Posted on July 13, 2012 at 18:16 PM EDT
Despite a drop in July consumer sentiment, the markets surged to close sharply higher with the Dow rocketing 203 points to 12,777 over expectations that China will adopt additional economic stimulus measures. Nasdaq leaped 42 points to 2908.
On the upside
FBR Capital initiated coverage of Wabash National (NYSE: WNC) with an Outperform rating.
Analysts expect Qualcomm (Nasdaq: QCOM) to report higher third quarter earnings next week.
On the downside
Acadia Pharmaceuticals (Nasdaq: ACAD) halted development of its schizophrenia drug AM-831 after it failed a Phase I clinical trial.
Shares of Supervalu (NYSE: SVU) continued falling after reporting sharply lower earnings yesterday.
Lexmark (Nasdaq: LXK) cut its guidance for the second quarter due to weaker than expected demand.
In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 11 points to 800.
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