Light At The End Of The Tunnel?
After opening lower Tuesday, the
markets did an about-face to close higher for the day.
The Dow Jones Industrial closed higher
1.2% and the Nasdaq Composite edged up 1.8% as the 2:00 rally moved the markets
into higher territory. Traders are waiting to see if the light is at the end of the
tunnel as big names like Intel
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scheduled to report their earnings this evening.
Mohawk Industries
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after Credit Suisse First Boston raised the rating on the company to Buy from
Hold.
Circuit City-Carmax
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higher 7.0% in the session.
Main Street Bancorp
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MBNK |
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convincingly higher after Sovereign Bancorp
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SOV |
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company for $170 million in stock. MBNKÂ closed up 42.6%
Also rising in the Banking sector was
GB&T Bancshares
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Pharmaceutical company Taro
Pharmaceuticals
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TARO |
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After losing ground in the last few
trading sessions, the Biotechnology Index
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BTK.X |
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The Semiconductor Index
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SOX.X |
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The Banking Index
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tacked on 2.4%.
Losing ground today was Symbol
Technologies
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expectations of 15 cents a share. The company said Q2 earnings would come in at
3 cents a share. SBL closed lower 29.8%.
St. Paul Company
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SPC |
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after the company was downgraded by Keefe Bruyette.
Healthcare firm Ventiv Health
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sank 32.5% after the company announced it expects revenues for 2001 to be
slightly lower than the range they estimated in January. Ventiv revised their
revenues down to be between $450 to $490 million.
Inhale Therapeutics
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INHL |
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8.2% after Pfizer
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PFE |
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for the drug Exubera. INHL and PFE are in partnership in the development of
this inhaled form of insulin.
The Oil Index
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0.7% as there was really no action in that sector.
The Insurance Index
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$IUX.X |
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closed fractionally lower by 0.7%.
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