On the upside
Ireland-based Elan Corp. (NYSE: ELN) was reportedly in talks to sell a stake to Bristol-Myers Squibb (NYSE: BMY).
Shares of Freeport-McMoran Copper and Gold (NYSE: FCX) surged as investors anticipated a rally in commodity prices.
The airline sector rose on an analyst upgrade. Shares of Delta Air lines (NYSE: DAL) and AMR Corp. (NYSE: AMR) posted solid gains.
Shares of Cisco Systems (Nasdaq: CSCO) joined the market-wide rally. There was also speculation that the networking equipment giant may join the esteemed Dow Jones Industrials as a replacement for General Motors (NYSE: GM).
On the downside
Shares of General Motors (NYSE: GM) tumbled to new lows as the beleaguered automaker proceeded with plans to file for bankruptcy.
OncoGenex Pharmaceuticals (Nasdaq: OGXI) reported positive results for its prostate cancer drug trials, but investors were lukewarm with the unusual weekend announcement.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 13 points to 514.
