Low Interest Rates While Unemployment Over 6.5%
The Federal Reserve will maintain low interest rates while the nation's unemployment rate is over 6.5%. The markets advanced during the midday with the Dow gaining 74 points to 13,322 while Nasdaq rose 8 points to 3031.
On the upside
Peregrine Pharmaceuticals (Nasdaq: PPHM) regained compliance with the minimum bid price requirement for listing on Nasdaq.
Acadia Pharmaceuticals (Nasdaq: ACAD) announced a private placement equity financing to raise approximately $86.4 million.
LDK Solar (NYSE: LDK) retained the services of Citigroup to work with its creditors to obtain additional flexibility regarding its debt.
On the downside
Leerink Swann analyst Jason Gerberry downgraded Teva Pharmaceuticals (NYSE: TEVA) to a Market Perform rating.
Molycorp (NYSE: MCP) chief executive Mark Smith resigned abruptly and the rare earth minerals company named Constantine Karayannopoulos as interim president and chief executive.
NorthStar Realty Finance (NYSE: NRF) priced its public offering of 25 million common shares at the discounted price of $6.40 per share.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The broader S&P 500 index gained 10 points to 1437.
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