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Markets Modestly Higher Over Upbeat Earnings
Friday November 06, 2009 - 12:24 PM EST
MarketMinute.com Market Updates
Upbeat earnings reports and retreating oil prices tempered news that the nation's unemployment rate surged to a 26 year high. The markets traded modestly higher during the midday with the Dow rising 12 points to 10,018 while Nasdaq added 5 points to 2110.
Rating:
Upbeat earnings reports and retreating oil prices tempered news that the nation's unemployment rate surged to a 26 year high. The markets traded modestly higher during the midday with the Dow rising 12 points to 10,018 while Nasdaq added 5 points to 2110.

On the upside

Analysts upgraded General Electric (NYSE: GE) and raised their price targets for the company.

Blackstone Group (NYSE: BX) reversed year ago losses to post a better than expected profit for the third quarter.

Ocean Power Technologies (Nasdaq: OPTT) won a grant from the Australian government to build a wave energy project.

On the downside

Although a one time tax gain boosted third quarter earnings for Crocs (Nasdaq: CROX), the plastic shoe maker warned of greater than expected losses for the fourth quarter.

AIG (NYSE: AIG) reversed year ago losses to post a profit for the third quarter but warned of continued weakness.

Sunoco (NYSE: SUN) disappointed by swinging to a sharp loss for the third quarter due to weak margins.

In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 577.
Related Stocks:
AMERICAN INT'L GROUP, Inc. CROCS Dow Jones Industrial Average General Electric INDU NASDAQ 100 NASDAQ Composite NYSE Composite OCEAN POWER TECH RUS 2K Russell 1000 Index Russell 3000 Index SUNOCO, Inc. Standard & Poors 500 THE BLACKSTONE GROUP L.P
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