Closing Update: Stocks Manage Narrowly Higher Finish

by: Midnight Trader

Sep 14, 2009

  • NYSE up 36.2 (0.5%) to 6,879.98.
  • DJIA up 21 (0.2%) to 9,627.
  • S&P 500 up 6.6 (0.6%) to 1,049.
  • Nasdaq up 11 (0.5%) to 2,092.


Hang Seng down 1.08%

Nikkei down 2.32%

FTSE up 0.03%


(-) POT gets analyst downgrade.

(-) MOS gets analyst downgrade.

(-) GNBT announces stock offering.

(-) ALXA says migraine trial does not meet primary endpoint.

(-) ELN lower as WSJ reports J&J (NYSE:JNJ) may have to cut deal price.


(+) S subject of article suggesting Deutsche Telekom secures banker for bid.

(+) CVX turns up, says Gorgon gas field JV will go ahead.

(+) ETFC gets analyst upgrade.

(+) THC raises outlook.

(+) CRNT, HSTX get plug from Jim Cramer as speculative play.

(+) SLXP reports statistically significant results for primary, secondary endpoints for Rifaximin.

(+) ARIA reports positive late trial data in mestastic sarcomas.

(+) SGP says final results of SAPHIS Schizophrenia trial show much longer time to relapse than placebo.

(+) DAL raised margin forecast.


A late-day charge landed the major averages in positive territory, closing up around 0.2% to 0.5%. European indexes fell on Monday for the first time in eight days. Japanese and Hong Kong stocks slipped as investors feared that the strong yen would dent Japanese exporters' earnings.

Stocks twisted in a narrow range Monday, recovering from steep early losses seen amid worries about a trade dispute between the U.S. and China.

Washington imposed stiff tariffs on Chinese-made tires over the weekend. China said it would launch an anti-dumping investigation into U.S. sales of chicken and auto products, according to several news outlets.

Traders reacted coolly to a speech from President Barack Obama, who warned the financial industry against the type of recklessness that led to the collapse of the brokerage Lehman Brothers Holdings Inc. one year ago, the AP said.

Major U.S. economic data isn't out until later in the week.

San Francisco Federal Reserve Bank President Janet Yellen said in a speech Monday that she expects the economic recovery in the U.S. to be "tepid" and slow, suggesting that a debilitating and sustained drop in prices poses a greater threat than runaway inflation, MarketWatch reported.

October crude ends down $0.43 at $68.86 a barrel. Natural gas jumps nearly 12%. Gold fell as the dollar traded mixed. With the China rumblings and a firmer dollar as a back-drop, copper and gold futures fell. Gold is back under $1,000.

As for active stock movers:

Goodyear (NYSE:GT) benefitted from the U.S.' decision to impose special duties on Chinese tires.

Corus Bankshares (CORS) was shuttered by federal regulators over the weekend, a failure linked to commercial real estate bets.

e*Trade (NASDAQ:ETFC) gained after Citigroup reportedly raised its rating on the issue to Buy from Hold.

Elsewhere, Sprint Nextel (NYSE:S) gained amid reports that Deutsche Telekom (DT) has hired bankers to explore a multi-billion dollar offer for Sprint.

Another active-volume gainer, Salix Pharmaceuticals (NASDAQ:SLXP) announced the successful outcome of two Phase 3, randomized, double-blind, placebo-controlled, multicenter trials, TARGET 1 and TARGET 2, designed to evaluate the efficacy and safety of rifaximin 550 mg TID in the treatment of patients with non-constipation irritable bowel syndrome (non-C IBS).

ARIAD Pharmceuticals (NASDAQ:ARIA) was higher after the company announced that the independent Data Monitoring Committee (DMC) of the Phase 3 SUCCEED trial has completed the first interim efficacy analysis as specified by the study protocol and has recommended that the randomized, placebo-controlled trial of oral ridaforolimus in patients with metastatic sarcomas continue to full patient enrollment and completion.

Coldwater Creek (NASDAQ:CWTR) fell then recovered late. Its president and CEO resigned. Co-founder Dennis Pence assumes the duties, effective immediately.

Delta (NYSE:DAL) gained after raising its Q3 margin forecast.

Las Vegas Sands (NYSE:LVS) got an upgrade to Buy from Neutral at Bank of America/Merrill Lynch.