Stocks Extend Rally for the Seventh Straight Session (AONE, MGM, AMD, ARNA, TWER)
U.S. turned higher on Thursday after opening slightly lower despite better than estimated Jobless claims. However, the major indices started ticking higher in the late morning session with The Dow Jones Industrial Average is now up 47.87 (0.36%) at 13,241.97, the NASDAQ Composite climbed 17.59 (0.58%) to 3,058.33 and the S&P 500 rose 7.55 (0.54%) to trade above $1,400 mark for the first time in the past 4 years. Following are the top movers in today’s session:-
A123 Systems Inc (NASDAQ:AONE) jumped up 1.27% to $1.60. The Company said that Advanced Traction Battery Systems has been selected to develop battery packs for a new plug-in hybrid electric sedan from Geely. Under the terms of the development agreement, A123 will supply 20Ah prismatic cells to ATBS for the production of complete lithium ion battery packs for Geely’s new PHEV.
MGM Resorts International (NYSE:MGM) surged up 2.90% to $14.53. The Company proposes to offer $750 million in aggregate principal amount of senior notes due 2022. BofA Merrill Lynch, Barclays Capital, J.P. Morgan and Wells Fargo Securities will act as joint-book running managers for the proposed offering.
Advanced Micro Devices Inc (NYSE:AMD) increased 5.15% to $8.16 after the data of economic growth. According to regional Federal Reserve survey, manufacturing data in New York and the mid-Atlantic region improved. Jefferies upgraded the rating on the stock to buy from hold.
Arena Pharmaceuticals Inc (NASDAQ:ARNA) is currently trading at $1.79. The Company posted fourth quarter EPS of ($0.16), below the analyst estimate of ($0.15). Revenue for the quarter was $2.08 million versus the consensus estimate of $3.49 million. Total interest and other expense decreased to $5.4 million compared to $5.8 million in the fourth quarter of 2010.
Towerstream Corporation (NASDAQ:TWER) among the gainers and the stock soared 26.54% to $3.29. The Company posted fourth quarter net loss of $2.1 million compared to loss of $1.3 million in the prior year period. Loss per share remained flat at $0.04. Revenues for the quarter increased 32% to $7.2 million.