Closing Update for Wednesday, Sept. 9

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 |  Includes: CLZR, CVC, CYTR, ENWV, ETFC, HITK, HYTM, LAZ, MS, NYX, UPS, VRX, VVUS, WDC, XOMA
by: Midnight Trader

4:17 PM, Sep 9, 2009 --

  • NYSE up 46.33 (0.7%) to 6,772.40.
  • DJIA up 49.8 (0.5%) to 9,547.
  • S&P 500 up 7.98 (0.8%) to 1,033.
  • Nasdaq up 22.6 (1.1%) to 2,060.

GLOBAL SENTIMENT

  • Hang Seng down 1.04%
  • Nikkei down 0.78%
  • FTSE up 1.15%


UPSIDE MOVERS

(+) Vivus (NASDAQ:VVUS) continued evening surge in active volume; comes through with positive weight loss drug trials as expected.

(+) Hi Tech Pharmacal (NASDAQ:HITK) issued better-than-expected Q2 results.

(+) ISTA (ISTA) gets FDA approval for Bepreve in allergic conjunctivitis; separate T-Pred study may weigh on shares.

(+) Hythiam (NASDAQ:HYTM) jumps ahead of investor presentation.

(+) UPS (NYSE:UPS) upgraded at JP Morgan.

(+) Candela (CLZR) sold to Syneron in stock deal.

(+) SanDisk (SNDK) gets upgrade at Deutsche Bank.

(+) XOMA inks $6 mln antibody discovery pact.

(+) MS upgraded at JP Morgan.

(+) ETFC says chief to step down by year end.

(+) Cablevision (NYSE:CVC) selling senior notes.

DOWNSIDE MOVERS

(-) NYX to sell significant equity interest in NYSE Amex options to liquidity providers.

(-) CytRx (NASDAQ:CYTR) profit-taking sets in following positive news in ALS trial.

(-) MCD said August global same-store sales up 2.2%.

(-) Lazard (NYSE:LAZ) selling shares in secondary offering.

(-) Endwave (NASDAQ:ENWV) cuts revenue outlook.

(-) PALM cuts price of Pre phone.

(-) UBS downgraded at JP Morgan.

MARKET DIRECTION

Major stock averages close up 0.5% to 1%, clawing back from thinner gains once inside the final hour of trading. Stocks pared gains but have generally held up in the wake of the latest anecdotal reading of economic conditions around the country. The Federal Reserve's Beige Book indicates the economy has started to grow again, albeit modestly, in the third quarter.

In the survey released Wednesday, all but one of the Fed's 12 regions indicated that economic activity was "stable," showed "signs of stabilization" or had "firmed." The one exception was the St. Louis region, which continued to report that the pace of decline in economic activity appeared to be "moderating."

October crude closes up 0.3% at $71.31 a barrel.

The dollar is hovering near the lows of the year following the Beige Book report.

Wall Street was also readying for President Barack Obama's speech to Congress tonight, in which he will provide specifics about his vision for overhauling the health care system. Health care sector stocks were largely higher in step with the broader market.