Markets Soar As Crowds Descend On Retailers
Crowds of consumers flocked to retail stores to snap up Black Friday bargains on the first official shopping day of the holiday season. The markets opened sharply higher with the Dow soaring 112 points to 12,949 while Nasdaq surged 30 points to 2957.
On the upside
National Bank analyst Kris Thompson cited the upcoming release of Research in Motion's (Nasdaq: RIMM) BlackBerry 10 for increasing his price target on the mobile device maker from $12 to $15.
Molycorp (NYSE: MCP) chief executive Mark Smith recently acquired 20,000 shares of company stock.
Shares of Nokia (NYSE: NOK) continued climbing on strong Lumia sales.
On the downside
KIT digital (Nasdaq: KITD) must restate quarterly as well as annual financial reports from 2009 to the present due to accounting irregularities.
Zale (NYSE: ZLC) extended its losses from Wednesday when the jewelry retailer posted a loss for the first quarter that was wider than expected.
Facebook (Nasdaq: FB) will end its voting system which allowed users to vote on privacy changes implemented by the social networking giant.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 4 points to 802.
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