Chronicle Journal: Finance

New ECB Emergency Loans Lifts Markets At Midday

The markets advanced during the midday with the Dow climbing 100 points to 11,040 after the European Central Bank announced new emergency loans to support the frail economy. Nasdaq soared 32 points to 2492.

On the upside

Express Scripts (Nasdaq: ESRX) cut its earnings outlook for 2011 but the reduction was less severe than anticipated. 

Citigroup analyst Richard Gardner slashed his price target on Eastman Kodak (NYSE: EK) to $1 from $2 but he forecast a narrower loss for the year than consensus estimates. 

Bargain hunters lifted shares of ReneSola (NYSE: SOL).

On the downside

GLG Life Tech (Nasdaq: GLGL) warned that the ready-to-drink tea market in China was weaker than expected.  

Investors locked in profits on OmniVision Technologies (Nasdaq: OVTI).

Dahlman Rose downgraded Overseas Shipholding Group (NYSE: OSG) to a Sell rating. 

In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 10 points to 668.

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