GM Emerges From Bankruptcy, Markets Up

General Motors' emergence from bankruptcy after a mere 36 days lifted the markets modestly higher during the midday with the Dow adding 11 points to 8189. Nasdaq gained 11 points to 1758.

On the upside

The European Medicines Agency will meet with Cell Therapeutics (Nasdaq: CTIC) in September, 2009 to discuss the company's Marketing Authorization Application for its lung cancer treatment OPAXIO.

Credit Suisse upgraded KB Home (NYSE: KBH) citing valuation and improving order trends.

Shares of Las Vegas Sands (NYSE: LVS) rose after the Nevada Gaming Control Board reported a smaller than expected drop in gaming revenue for May. The casino operator also affirmed the opening of its Singapore resort in early 2010.

On the downside

Verigy (Nasdaq: VRGY) will offer $110 million of convertible senior notes.

Saks (NYSE: SKS) disappointed with a 4.4% drop in same store sales for June.

Citigroup analyst Joshua Shanker issued a client note saying that American International Group (NYSE: AIG) stock may drop to zero due to additional credit default swap losses.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 482.

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