Wholesale Inventories Climb, Markets Advance
The markets traded modestly higher during the midday with the Dow rising 17 points to 12,828 as wholesale inventories climbed more than expected in September. Nasdaq gained 19 points to 2915.
On the upside
Sequenom (Nasdaq: SQNM) widened losses for the third quarter but revenue soared and sales of its Down syndrome test is expected to exceed expectations.
Zipcar (Nasdaq: ZIP) reported higher third quarter earnings and revenue that surpassed analyst expectations.
Lions Gate Entertainment (NYSE: LGF) swung to a profit for the second quarter that exceeded expectations by a wide margin as revenue nearly doubled. On the downside
Walt Disney (NYSE: DIS) reported higher fourth quarter earnings and revenue but the entertainment company warned of lower advertising revenue at ESPN in the current quarter.
The Securities and Exchange Commission launched an investigation into the accuracy of Molycorp's (NYSE: MCP) disclosures.
Enerplus (NYSE: ERF) fell to a loss for the third quarter and warned of slowing growth in 2013.
In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 796.
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