Hurrican Irene Damage Less Than Expected, Markets Rise

The markets opened higher with the Dow soaring 152 points to 11,437 after estimates of damage from Hurricane Irene were far lower than expected. Nasdaq jumped 50 points to 2530.

On the upside

Bargain hunters lifted shares of Star Scientific (Nasdaq: CIGX), whose stock price fell after losing an appeal in a patent infringement case.

DreamWorks (Nasdaq: DWA) entered an online distribution agreement with Youku.com (NYSE: YOKU) to offer the Kung Fu Panda films on-demand on Youku Premium then subsequently on Youku's Hollywood Movie Channel.

QLT (Nasdaq: QLTI) reported positive results from a Phase II clinical trial of its Latanoprost Punctal Plug Delivery System to treat glaucoma.

Jefferies analyst Jeffrey Holford said that Pfizer's (NYSE: PFE) and Bristol-Myers' (NYSE: BMY) blood thinner Eliquis significantly reduced bleeding and had the potential to become the leading stroke prevention medication.

Qualcomm (Nasdaq: QCOM) announced the appointment of senior vice president and president of Qualcomm Korea Dr. YK Cha to the position of senior advisor to senior vice president of worldwide sales and president of Qualcomm CDMA Technologies Asia Jim Doh and the promotion of Mr. Doh to lead the combined Qualcomm Korea operations.

On the downside

AuRico Gold (NYSE: AUQ) will acquire Northgate Minerals.


In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 15 points to 707.
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