The markets continued to advance during the midday with the Dow soaring 262 points to 8411 as the Big Three automakers submitted their plans for a $25 billion bailout of the industry. Nasdaq surged 52 points to 1450.
On the upside
ProLogis (NYSE: PLD) declared a dividend of $1.0675 per Series C preferred share payable on December 31 to shareholders of record December 16. The company also announced that it closed a $105.8 million financing facility.Cowen and Co. analyst Laura Champine upgraded Williams-Sonoma (NYSE: WSM) citing the company's valuation. The stock price has tumbled approximately 66% since September.
Colonial Properties Trust (NYSE: CLP) declared a quarterly dividend of $0.5078125 per share of Series D preferred shares payable on February 2, 2009 to shareholders of record January 15, 2009.
On the downside
An International Trade Commission judged ruled that Tessera Technologies' (Nasdaq: TSRA) patents were not infringed upon by technology companies prompting a downgrade.
General Growth Properties (NYSE: GGP) will extend the maturity date of $58 million in notes to December 11.
Beazer Homes (NYSE: BZH) widened fourth quarter losses by more than three times and warned that losses will continue through 2009.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 17 points to 434.
