An unexpected increase in April home sales lifted the markets modestly higher during the midday with the Dow climbing 26 points to 12,506. Nasdaq rose 22 points to 2466.
On the upside
Jamba Juice (Nasdaq: JMBA) partnered with Nestle to introduce ready-to-drink Jamba Smoothies and Jamba Juices available at grocery retailers and convenience stores in eight Western states.The Wall Street Journal reported that Blackstone Group and Apollo Management are in discussions to acquire Chemtura (NYSE: CEM).
Giant Interactive (NYSE: GA) reassured investors that all game servers are back in operation after a three day mourning period for Sichuan earthquake victims. The online game operator also reaffirmed its second quarter guidance.
On the downside
The Chinese government will restructure the telecommunications industry by merging phone companies into three major groups sending shares of China Mobile (NYSE: CHL) tumbling.
Flotek Industries (NYSE: FTK) blamed higher expenses and delivery delays for lowering its fiscal 2008 outlook.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 730.
