Greece qualified for additional financial assistance to avoid bankruptcy after approving new austerity measures yesterday. Investors applauded the move by boosting the markets to a sharply higher with the Dow leaping 152 points to 12,414. Nasdaq jumped 33 points to 2773.
On the upside
Shares of Spreadtrum Communications (Nasdaq: SPRD) continued rising after the company refuted allegations of improper accounting practices yesterday.
Fourth quarter earnings surged for Worthington Industries (NYSE: WOR) to surpass analyst expectations prompting the metal processing company to increase its quarterly dividend from 10 cents per share to 12 cents per share.
Yingli Green Energy (NYSE: YGE) will supply Huanghe Hydropower Development with 110 MW PV modules.
Investors locked in profits on Alanco Technologies (Nasdaq: ALAN), whose shares more than doubled yesterday after announcing a merger agreement with YuuZoo.
Qiao Xing Universal Resources (Nasdaq: XING) requested an extension to file its annual report.
Morgan Stanley (NYSE: MS) will take a second quarter charge of approximately $1.7 billion related to the conversion of Mitsubishi UFJ Financial Group's stake in the company into common shares.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 7 points to 827.