Higher Close On Strong Earnings
January 23, 2013 at 09:51 AM EST
Better than expected earnings boosted the markets to a higher close with the Dow gaining 67 points to 13,779. Nasdaq climbed 10 points to 3153. On the upsideRumors circulated that Safeway (NYSE: SWY) may sell its Canadian operations.Shares of Assured Guaranty (NYSE: AGO) and MGIC Investment (NYSE: MTG) continued climbing on increased 2012 home sales.Rock-Tenn (NYSE: RKT) reported higher first quarter earnings that beat analyst expectations.On the downsideTheStreetSweeper questioned effectiveness of Cyberonics’ (Nasdaq: CYBX) implantable device to treat epilepsy and depression. Quest Diagnostics (NYSE: DGX) disappointed with sharply lower fourth quarter earnings that fell short of analyst expectations and forecast 2013 results below estimates.LDK Solar (NYSE: LDK) will sell a 12% stake in Fulai Investments for $31 million.In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE and by more than 9 to 7 on Nasdaq. The broader S&P 500 index added 2 points to 1494.
