On the upside
Amcore Financial (Nasdaq: AMFI) announced on Friday a revised covenant with J. P. Morgan (NYSE: JPM) to maintain compliance with its credit agreement and avoid a default.
Zale (NYSE: ZLC) issued a statement clarifying its contractual agreements and affirming that the company has the necessary inventory to meet client demand in response to media reports about cancelled orders.
City National (NYSE: CYN) will acquire the banking operations of Imperial Capital Bank with the assistance of the Federal Deposit Insurance Corp.
Investors were bullish about the outlook for banks worldwide. Among the big gainers were shares of Allied Irish PLC (NYSE: AIB) which rose sharply in late afternoon trading.
On the downside
Gold futures retreated below $1100 an ounce level. SPDR shares (NYSE: GLD) for the sector followed suit.
Shares of GrafTech International (NYSE: GTI) fell in heavier than usual trading. No news was issued by the graphite and carbon materials company.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to close at 618.
