The markets pulled back from earlier gains but managed to close modestly higher as rising oil prices tempered news of a Federal Reserve plan to offer $40 billion in emergency funds to other central banks through an auction. The Dow gained 41 points to 13,474 while Nasdaq climbed 19 points to 2671.
On the upside
At its annual stockholders meeting, all seven directors of Energy Conversion Devices (Nasdaq: ENER) were re-elected and the company withdrew a proposal to sell up to 20 million shares of preferred stock.
Manitowoc (NYSE: MTW) lifted its 2007 guidance and forecast 2008 results above expectations.
Petrobras (NYSE: PBR) started pumping a new rig that can produce 180,000 barrels a day.
On the downside
Kevin Dann downgraded CSK Auto (NYSE: CAO).
Fitch Ratings may downgrade Security Capital Assurance (NYSE: SCA) saying that the bond insurer needs to raise $2 billion if it is to maintain its AAA rating.
Network Equipment Technologies (NYSE: NWK) will offer $85 million in convertible senior notes.
In the broad market, advancing issues outpaced decliners by a margin of 9 to 7 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 5 points to 772.
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