First time applications for unemployment benefits dropped more than expected last week to lift the markets to a sharply higher close with the Dow leaping 161 points to 11,774. Nasdaq gained 19 points to 2636.
On the upside
Maxygen (Nasdaq: MAXY) will sell its stake in joint venture Perseid Therapeutics to partner Astellas Pharma for $76 million.
Theragenics (NYSE: TGX) rejected an acquisition offer from German company Eckert & Ziegler Strahlen-und Medizintechnik saying the bid undervalued the company.
Sterne Agee made an unsolicited $6.25 per share bid for SWS Group (NYSE: SWS).
On the downside
Hawaiian Holdings (Nasdaq: HA) will offer $75 million in convertible senior notes.
The Rosen Law Firm is investigating allegations of fraud against China Integrated Energy (Nasdaq: CBEH).
Shares of YRC Worldwide (Nasdaq: YRCW) continued falling after the transportation services firm warned that in may have to file for bankruptcy after failing to meet restructuring milestones.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points 785.
