Closing Bell Report
Posted on July 10, 2008 at 17:55 PM EDT
Merger and acquisition news lifted the markets to a higher close with the Dow climbing 82 points to 11,229. Nasdaq surged 23 points to 2258.
On the upside
Florida Power & Light (Nasdaq: FPL) hired SunPower (Nasdaq: SPWR) to build a 25-watt solar power plant and a 10-megawatt plant.
Casual dining chain Ruby Tuesday (NYSE: RT) forecast fiscal 2009 results ahead of analyt expectations.
Continental Resources (NYSE: CLR) reported promising results from a second well at its Bakken shale site in MacKenzie County, North Dakota.
On the downsideChinese communications equipment company Cogo Group (Nasdaq: COGO) blamed soft demand and strong competition for warning of margin pressure.
Moody's Investors Service slashed the senior debt rating of mortgage insurer MGIC Investment (NYSE: MTG).
Shares of Entercom Communications (NYSE: ETM) plunged to a 52-week low after Citigroup downgraded the radio broadcasting company.
In the broad market, advancing issues outpaced decliners by a margin of more than 10 to 9 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 7 points to 670.
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