Investors lifted the markets higher during the midday with the Dow gaining 142 points to 8834 as the final details of a $15 billion aid to ailing automakers were being negotiated. Nasdaq climbed 28 points to 1576.
On the upside
Focus Media Holding (NYSE: FMCN) will close its wireless advertising business which will result in a $20 million impairment charge and will also take a $200 million noncash restructuring charge in the fourth quarter for its in-store advertising network.National Financial Partners (NYSE: NFP) amended its credit agreement to include more flexibility to weather current economic conditions.
Genworth Financial (NYSE: GNW) will acquire InterBank, subject to approval from the Office of Thrift Supervision and approval to participate in the government's Capital Purchase Program.
On the downside
ADC Telecommunications (Nasdaq: ADCT) widened fourth quarter losses due to restructuring charges and inventory write-downs prompting a downgrade.
Libbey (NYSE: LBY) slashed its fourth quarter outlook and announced the closure of its Syracuse factory and Mira Loma distribution center.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 12 points to 478.
