Bailout Program Extended

By: MarketMinute.com Market Updates

As part of its ongoing efforts to stabilize the financial markets, the government will extend the $700 billion bailout program until October 3, 2010. The markets opened lower with the Dow falling 37 points to 10,249 while Nasdaq lost 14 points to 2158.

On the upside

J. P. Morgan upgraded RealNetworks (Nasdaq: RNWK) saying that the company should receive a favorable ruling in its arbitration with VeriSign (NYSE: VRSN).

Avanir Pharmaceuticals (Nasdaq: AVNR) reported upbeat results from a Phase III clinical trial of its amyotrophic lateral sclerosis treatment Zenvia.

Citigroup analyst Michael Rollins upgraded Sprint (NYSE: S) and lifted his price target on the company saying that sales should improve next year and that the company may seek a merger deal.