The Dow Added 93 Points, Nasdaq Adds 21
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The Dow added 92.84 points today to close at 13,358.31, the Nasdaq gained 21.04 points to close at 2,583.28 and the S&P 500 added 14.96 points to close at 1,473.91. Stocks bounced back after seeing one of the worst weeks in five years. Oil fell $0.19 to close at $76.83 per barrel.
Volume was heavy with 4.16 billion shares trading on the NYSE and 2.40 billion on the Nasdaq. Advancers topped Decliners on the NYSE by a margin of 21:12 and 17:14 on the Nasdaq.
In individual stories, Rural Cellular (Nasdaq: RCCC) gained 34.4% after Verizon Wireless, a joint venture of Verizon Communications (NYSE: VZ) and Vodafone (NYSE: VOD), announced today that it has entered into an agreement to acquire Rural Cellular Corporation (Nasdaq: RCCC) for approximately $2.67 billion in cash and assumed debt. Under terms of the agreement, approved by the boards of both companies, holders of Rural Cellular's common stock will receive $45 per share in cash for a total equity price of $757 million on a fully diluted basis. ValueClick Inc. (Nasdaq: VCLK) dropped 19.2% after reporting Q2 EPS of $0.17, 1 cent worse than estimates. Revenues came in at $148.7 million versus the consensus of $158.8 million. Sees FY revenues of $645-$660 million versus prior guidance of $655-$665 million and the consensus of $665.1 million. Sees FY EPS of $0.74-$0.76, versus prior guidance of $0.79-$0.81 and the consensus of $0.80. Boosts buyback plan to $100 million. Also, JMP Securities downgrades the stock.
Tomorrow, investors will be looking for economic data on Personal Income/Spending and PCE Core, Chicago PMI, Consumer Confidence and Construction Spending.
Traders will be looking for earnings from Alcatel-Lucent (NYSE: ALU), Automatic Data (NYSE: ADP), Avon Products (NYSE: AVP), CBS Corp (NYSE: CBS), Coach (NYSE: COH), General Motors (NYSE: GM), Marathon Oil (NYSE: MRO) and Under Armour (NYSE: UA).
Volume was heavy with 4.16 billion shares trading on the NYSE and 2.40 billion on the Nasdaq. Advancers topped Decliners on the NYSE by a margin of 21:12 and 17:14 on the Nasdaq.
In individual stories, Rural Cellular (Nasdaq: RCCC) gained 34.4% after Verizon Wireless, a joint venture of Verizon Communications (NYSE: VZ) and Vodafone (NYSE: VOD), announced today that it has entered into an agreement to acquire Rural Cellular Corporation (Nasdaq: RCCC) for approximately $2.67 billion in cash and assumed debt. Under terms of the agreement, approved by the boards of both companies, holders of Rural Cellular's common stock will receive $45 per share in cash for a total equity price of $757 million on a fully diluted basis. ValueClick Inc. (Nasdaq: VCLK) dropped 19.2% after reporting Q2 EPS of $0.17, 1 cent worse than estimates. Revenues came in at $148.7 million versus the consensus of $158.8 million. Sees FY revenues of $645-$660 million versus prior guidance of $655-$665 million and the consensus of $665.1 million. Sees FY EPS of $0.74-$0.76, versus prior guidance of $0.79-$0.81 and the consensus of $0.80. Boosts buyback plan to $100 million. Also, JMP Securities downgrades the stock.
Tomorrow, investors will be looking for economic data on Personal Income/Spending and PCE Core, Chicago PMI, Consumer Confidence and Construction Spending.
Traders will be looking for earnings from Alcatel-Lucent (NYSE: ALU), Automatic Data (NYSE: ADP), Avon Products (NYSE: AVP), CBS Corp (NYSE: CBS), Coach (NYSE: COH), General Motors (NYSE: GM), Marathon Oil (NYSE: MRO) and Under Armour (NYSE: UA).
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