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Markets Advance As Productivity Rises
Posted on September 05, 2012 at 14:02 PM EDT
The nation's second quarter productivity increased more than expected to lift the markets higher during the midday with the Dow rising 34 points to 13,070. Nasdaq added 5 points to 3080.
On the upside
Orexigen Therapeutics (Nasdaq: OREX) enrolled patients in its Light Study at a faster pace than expected.
Office Depot (NYSE: ODP) affirmed its full year earnings guidance.
On the downside
NuStar Energy (NYSE: NS) priced its public offering of 6.2 million common units at the discounted price of $48.94 per unit. Pharmacyclics (Nasdaq: PCYC) widened fourth quarter losses.
Hi-Tech Pharmacal (Nasdaq: HITK) disappointed with sharply lower first quarter earnings that fell far short of analyst expectations as revenue dropped.
In the broad market, declining issues barely edged out advancers by a slim margin on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 822.
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