On the upside
An analyst upgraded Warner Chilcott (Nasdaq: WCRX) which offered $3.1 billion to buy the prescription drug business from Procter & Gamble (NYSE: PG) yesterday.
The upbeat housing price report lifted the financial services sector. Shares of Fannie Mae (NYSE: FNM), Freddie Mac (NYSE: FRE) and Bank of America (NYSE: BAC) rose in heavy trading.
Tuesday Morning (Nasdaq: TUES) posted lower revenues and a narrow loss. The company is a closeout retailer of upscale houseware and gifts.
For-profit education company Corinthian Colleges (Nasdaq: COCO) reported higher revenues and a profit versus year-ago losses. High unemployment was the primary driver for new enrollments.
On the downside
Daktronics (Nasdaq: DAKT) posted earnings that beat expectations, but revenues fell and were expected to keep contracting. The company makes electronic display systems.
Manitowoc (NYSE: MTW) was removed from the S&P 500. The company makes cranes and food service equipment.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 582.
