The markets skyrocketed after the Federal Reserve announced a drastic three quarters of a percentage point cut to the federal funds rate from 3.00% to 2.25%. The Dow jumped 420 points to 12,393 while Nasdaq leaped 91 points to 2268.
On the upside
Ultrapetrol (Nasdaq: ULTR) will repurchase up to $50 million worth of common stock through September 30.
In response to a sharp decline in its stock price, MF Global (NYSE: MF) issued a statement yesterday asserting that the brokerage is very well capitalized and that Joe Lewis, an investor in Bear Stearns (NYSE: BSC) who lost billions in the JPMorgan buyout offer, is not a client of MF Global.
On the downside
Shuffle Master (Nasdaq: SHFL) blamed higher costs for swinging to a loss for the first quarter.
Canaccord Adams downgraded Dolby Laboratories (NYSE: DLB).
In the broad market, advancing issues outpaced decliners by a margin of 8 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 31 points to 682.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here