Holiday Sales Rise 2.5%, Markets Mixed
The markets turned mixed during the midday with the Dow rising 23 points to 13,413 as holiday sales rose 2.5% to meet lowered expectations. Nasdaq eased a point to 3104.
On the upside
NewLead Holdings (Nasdaq: NEWL) received a capital contribution valued at approximately $236.4 million in exchange for a 36.8% stake in the company.
Rising gold prices lifted share of Yamana Gold (NYSE: AUY).
Isis Pharmaceuticals (Nasdaq: ISIS) updated investors on its pipeline at the 31st Annual J.P. Morgan Healthcare Conference.
On the downside
Silver Standard Resources (Nasdaq: SSRI) announced an offering of $200 million in convertible senior notes. American Eagle Outfitter (NYSE: AEO) affirmed its earnings guidance for the fourth quarter but reported slowing same store sales growth.
Tiffany (NYSE: TIF) warned that full year earnings would be at the low end of its previous guidance due to disappointing same store holiday sales.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 5 on the NYSE while decliners edged out advancers by nearly 5 to 4 on Nasdaq. The broader S&P 500 index added 3 points to 1464.
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