4:25 PM, Jun 28, 2011 --
- NYSE up 103.40 (+1.3%) to 8,134.48
- DJIA up 145.13 (+1.2%) to 12,188.69
- S&P 500 up 16.57 (+1.3%) to 1,296.67
- Nasdaq up 41.03 (+1.5%) to 2,729.31
- Nikkei down 1%.
- Hang Seng down 0.6%.
- Shanghai Composite up 0.4%.
- FTSE-100 steady.
(+) RDC upgraded.
(+) SIGA pulls challenge over government deal for smallpox shot as contract changed.
(+) NKE beats with Q4 results.
(+) ACN continues evening gain on positive sector news, S&P 500 inclusion.
(+) PLUG earns new Buy rating.
(+) STX upgraded.
(+) OVTI upgraded.
(+) ICGN continues Monday's surge that followed reports of early deal talks with PFE.
(+) LULU trading to record high on revenue view.
(-) OCLS secures licensing for acne drug candidate.
(-) ENOC started with Buy rating.
(-) SI warns for slower profit growth, sees stronger orders.
(-) DEO downgraded.
U.S. stock averages close up 1.2% to 1.5% Tuesday, allowing for the Dow's best move in over two months. Wall Street joined in on global optimism for Greek aid progress ahead of a key budget vote there. Oil jumped 2.5% to close at $92.89 a barrel on demand hopes.
Greek lawmakers will vote Wednesday and Thursday on tighter austerity measures, which must be passed to receive the next aid payment of 12 billion euros. Also helping sentiment, progress was reported in talks to persuade European banks and insurers to voluntarily roll over maturing Greek debt, Reuters said.
Stocks built on prior-session gains. New housing price data showing gains for the first time in months provided support. Still, a decline in consumer confidence capped a broader market advance.
In the latest economic news, the April Case-Shiller 20-city home price index rose 0.7% to post the first rise in eight months.
Consumer confidence fell in June to the lowest level since November, the Conference Board reported. Its consumer-confidence index fell to 58.5 in June from an upwardly revised 61.7 in May. Economists surveyed by MarketWatch had expected a June reading of 60.5.
Crude for August delivery rose $2.28, or 2.5%, to $92.89 a barrel on the New York Mercantile Exchange, the biggest one-day percentage gain since May 18. Oil had settled at its lowest in four months in the previous session.
In company news:
Lululemon Athletica (LULU) hit record highs after reportedly saying it is not feeling threatened by new premium yoga lines from big-name sportswear manufacturers such as Nike (NKE) and Adidas, despite worries that competition might cut into its phenomenal growth curve. According to a Reuters report, the Vancouver-based yoga wear retailer expects to hit $1 billion in revenue during fiscal 2012, as productivity at its U.S. stores, once a cause for concern among investors, climbs closer to that seen in its highly profitable Canadian outlets.
Shares of Motorola Mobility (MMI) fell after BMO Capital downgraded the company to Underperform from Market Perform. The firm lowered the price target to $19 from $26. In a note on the downgrade, Dow Jones said BMO made the move because Motorola Mobility's slice of the Google Android smart phone market has plunged thanks to offerings from Samsung, LG and Sony Ericsson.
Shares of Pfizer (PFE) are higher as the company said its filing for a standard review of axitinib for patients with advanced renal cell carcinoma, or RCC, has been accepted by the FDA. The move comes as the company collates data from Phase III studies of its AXIS 1032 trial, wherein a comparison between axitinib and sorafenib in patients with previously treated advanced RCC was made.
Shares of Google (GOOG) firmed even as the Internet giant was hit with its latest lawsuit - this time from a French search company 1plusV, reports say. The suit alleges that Google blacklisted 30 of 1plusV's search engines from its search results from 2007 to 2010. The suit is seeking $423 million in damages.
Nike gained anew in regular-session trading after the company announced a 14% increase in fiscal fourth-quarter sales to $5.8 billion on Monday - allaying fears that higher material costs would eat into its margin. According to analysts, higher demand also means the company will have more room to pass on cost increases. EPS was $1.24, vs. expectations of $1.16 per share.