Financial News

ECB Provides More Dollar Loans, Markets Open Higher

The markets opened higher with the Dow climbing 82 points to 11,329 after the European Central Bank announced plans to provide additional dollar loans to banks. Nasdaq rose 11 points to 2584.

On the upside

Transcept Pharmaceuticals (Nasdaq: TSPT) will resubmit its New Drug Application for the insomnia treatment Intermezzo after the Food and Drug Administration agreed to dosage changes for women and new safety instructions.

Vivus (Nasdaq: VVUS) announced that the Food and Drug Administration will accept an early resubmission of its New Drug Application for the obesity drug Qnexa.

HCA (NYSE: HCA) will repurchase more than 80 million shares of common stock owned by Bank of America (NYSE: BAC).

On the downside

Netflix (Nasdaq: NFLX) cited price increases for lowering its third quarter subscriber outlook.

A UBS (NYSE: UBS) employee engaged in unauthorized trading accumulated $2 billion in losses.

CNinsure (Nasdaq: CISG) announced that an investment group led by chairman and chief executive Yinan Hu withdrew its offer to take the company private.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 711.

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