Surprise Factory Orders Gain Lifts Dow
A surprise 0.8% gain in October factory orders lifted the blue chip index during the midday with the Dow leaping 114 points to 13,066. Nasdaq fell 13 points to 2983.
On the upside
Net 1 UEPS Technologies (Nasdaq: UEPS) clarified that the Department of Justice investigation appeared to be related to legal proceedings that competitor AllPay Consolidated Investment Holdings filed against the company after losing a contract to Net 1.
SED International will distribute OCZ Technology's (Nasdaq: OCZ) solid-state drives in Latin America and the Caribbean.
Citigroup (NYSE: C) will cut expenses by eliminating 11,000 jobs.
On the downside
Chelsea Therapeutics (Nasdaq: CHTP) reported disappointing results from a late stage clinical trial of Northera to treat dizziness and lightheadedness in Parkinson's disease patients.
Recovery Energy (Nasdaq: RECV) officially signed a separation agreement with former chairman and chief executive Roger A. Parker, who retired on November 15, 2012.
The New York Department of Financial Services ordered Ocwen Financial (NYSE: OCN) to hire a monitor to ensure that the company followed new state mortgage servicing requirements.
In the broad market, advancing issues edged out decliners by a margin of nearly 5 to 4 on the NYSE while decliners outpaced advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 822.
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