NEW YORK - Stocks closed mixed Thursday after earnings reports from General Motors Corp. and Merck Co. Inc. pushed the Dow Jones industrial average up to a six-year high while the Nasdaq composite sagged along with eBay Inc. In economic news, new applications for unemployment benefits dropped by 10,000 to 303,000, according to the Labor Department.
February's snowstorm damage caused a 27-percent decline in Aaon's first-quarter net income, making Tulsa's commercial heating and air conditioning manufacturer miss Wall Street estimates. But its Nasdaq-traded common stock rose 1.9 percent Thursday in regular-session trading as Aaon also announced a 22-percent rise in sales, driven by successful product launches, and a 3-for-2 June stock split.
Corporate earnings came to a boil this week. The World Economic Forum kicked off in Davos, Switzerland, and the State of the Union address talked about the economy, jobs, cuts, investments and more. Add to that fresh economic data, a rate decision by the Federal Open Market Committee and another round of snow on the East Coast. In short, it was a busy week with a smorgasbord of data to collect and decipher in your investment mosaic, all while the Dow Jones industrial average flirted with 12,000. I'd note this was the first time that index has reached that point since June 2008. By comparison, the S&P 500 remains below its June 2008 levels, but the Nasdaq Composite Index has soared past its, and is only a few percentage points off of its October 2007 high of 2,810.38.
Suffolk County National Bank may be facing the threat of delisting from Nasdaq, but you'd never know it with their peppy new radio ads. The Riverhead-based bank, which faces a Monday deadline with Nasdaq to restate earnings, is staying busy, shouting to residents and businesses it's very much open for business.
Low taxes push Nasdaq to show profit growth NEW YORK - Eroding market share and weaker trading volumes hurt Nasdaq OMX Group Inc.'s fourth-quarter revenue, but sharply lower taxes and fewer charges helped the global exchange operator report better-than-expected profit growth.
Stocks ended mixed last week as Wall Street was pushed and pulled in different directions. As the trading session ended Friday, unemployment claims jumped, but the Commerce Department upwardly revised economic growth in the last quarter, to 1.9 percent, from the previous 1.8 percent. Factory orders increased May as supply chain disruptions from the Japanese quake eased. Tech stocks stumbled Friday after a poor earnings showing from Micron and a rough patch for sales at Oracle, but the Nasdaq ended up for the week. Although a second bailout was approved for Greece, pending austerity measures, investors were skittish on the health of European banks, and those concerns pressured the market. This is no longer looking like a small soft patch. It's beginning to look more like quicksand," sai...
Optelecom cited by Nasdaq Optelecom-NKF Inc., a Germantown-based telecommunications equipment manufacturer, said it has been notified by the Nasdaq Stock Market that its board of directors no longer has a majority of independent directors. The company acknowledged it is in violation of a Nasdaq rule, but said it intends to appoint a director who satisfies the Nasdaq requirement prior to the expiration of the cure period on Sept. 2. The imbalance occurred after Robert Urso resigned as a director on March 6. Urso is president and chief operating officer of Vienna, Va.-based KMS Solutions LLC.
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