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Rising Sales Lifts Markets To Higher Open
While wholesale inventories slipped in January, sales increased to lift the markets to a higher open with the Dow rising 23 points to 10,587. Nasdaq gained 14 points to 2355.
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While wholesale inventories slipped in January, sales increased to lift the markets to a higher open with the Dow rising 23 points to 10,587. Nasdaq gained 14 points to 2355.
On the upside A Food and Drug Administration advisory panel recommended approval for InterMune's (Nasdaq: ITMN) fatal lung disease treatment Esbriet. Abbott Laboratories (NYSE: ABT) announced an all cash $450 million deal to acquire Facet Biotech (Nasdaq: FACT). The Taiwanese parliament will review a report from the Financial Supervisory Commission on American International Group's (NYSE: AIG) sale of its Taiwan unit to China Strategic. On the downside Navistar International (NYSE: NAV) blamed a drop in military sales for sharply lower first quarter earnings that fell short of expectations and forecast full year results below estimates. J. Crew Group (NYSE: JCG) reversed year ago losses to post a fourth quarter profit that surpassed analyst estimates but the stock price dropped. Payless Shoe Source parent Collective Brands (NYSE: PSS) narrowed fourth quarter losses but the stock price fell.
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