June 12, 2012 at 14:39 PM EDT
Investors Await Details On Spanish Bailout, Markets Advance
The markets advanced during the midday with the Dow soaring 102 points to 12,513 as investors continued to monitor developments in Europe. Nasdaq gained 18 points to 2827.
On the upside
First Solar (Nasdaq: FSLR) will increase production at its facility in Frankfurt, Germany due to strong demand.
Shares of Arena Pharmaceuticals (Nasdaq: ARNA) continued climbing in anticipation of regulatory approval of its obesity treatment Lorcaserin by June 27.
Morgan Stanley initiated coverage of United Rentals (NYSE: URI) with an Overweight rating.
On the downside
Jefferies reported that the Food and Drug Administration Manufacturers and User Facility Device Experience database has a new report on St. Jude's (NYSE: STJ) Durata defibrillator leads.
Sterne Agee said that if acquisition rumors proved to be true for Navistar International (NYSE: NAV), the deal would proceed slowly.
FactSet Research Systems (NYSE: FDS) reported higher third quarter earnings but the company forecast current quarter revenue below expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 757.
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