Chronicle Journal: Finance

Markets rocket over ECB expectations

The markets pushed higher during the midday with the Dow rocketing 266 points to 17,851 over expectations that the European Central Bank would introduce additional stimulus measures. Nasdaq leaped 80 points to 4,730.

On the upside

Aeropostale (NYSE: ARO) expects a smaller loss for the fourth quarter than previously forecast.

Knightsbridge Shipping (Nasdaq: VLCCF) entered a contract to charter out 15 Capesize vessels on long term contracts to RWE Supply & Trading.

Pacific Sunwear (Nasdaq: PSUN) reported a strong 9% increase in same store sales for December.

On the downside

Infinity Pharmaceuticals (Nasdaq: INFI) ended development of PI3K inhibitors to treat rheumatoid arthritis after disappointing results from a Phase 2 study.

Stemline Therapeutics (Nasdaq: STML) priced its public offering of 3.8 million common shares at the discounted price of $15.75 per share.

BMO Capital Markets downgraded Kate Spade (NYSE: KATE) from an Outperform rating to a Market perform rating.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 leaped 31 points to 2057. Bitcoin slipped $4 to $281.

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