Gain In Factory Orders Lifts Markets
July 03, 2012 at 02:53 AM EDT
A greater than expected increase in May factory orders lifted the markets to a higher open with the Dow gaining 40 points to 12,911. Nasdaq rose 13 points to 2964.On the upsideOne Equity will pay a premium of approximately $1.1 billion in cash to acquire M*Modal (Nasdaq: MODL).Jefferies upgraded Nanosphere (Nasdaq: NSPH) to a Buy rating.Duke Energy (NYSE: DUK) completed its merger with Progress Energy and announced that Duke chief executive Jim Rogers will head the new combined company instead of Progress chief executive Bill Johnson.On the downsideJ. C. Penney (NYSE: JCP) will close its Plainfield, Indiana distribution center and lay off 230 employees.The Food and Drug Administration recommended that Chelsea Therapeutics (Nasdaq: CHTP) conduct an additional study for its Northera new drug application.Delta Air Lines (NYSE: DAL) was ranked tenth among the most disliked companies in America.In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 4 points to 812.