Nov. 2, 2010 (WALLSTmoney) --
Stocks on Wall Street are trading up this morning as traders are apparently expecting good news to come from the Fed this week as is evident by the weakening dollar driving investors into stocks again today. Traders started the day like this yesterday, with the bulls in charge, but then the bears came rolling in just past midday.
The Dow Jones Industrial Average is up by 57.52 points, or .52% to 11,179.94. The S&P 500 is up by 5.46 points, or .46%, to 1,189.82. The NASDAQ is also in the green; up 13.59 points, or .54%, to 2,518.46.
The US Dollar is down against the euro by .0123 and gaining ground against the yen; up .1600.
Oil futures for November delivery are up by $.87 to $83.82.
The 10-year bond yield is down .0360 to 2.5920%.
AT THE OPEN --
Energy stocks are up this morning as BP PLC reported reversing a second-quarter loss, after amazingly absorbing nearly $8 billion in costs tied to the Deepwater Horizon disaster.
Runners --
Acquisition News – Shares of Art Technology Group Inc are flying high this morning after software giant Oracle Corp. said it would acquire the e-commerce software company for roughly $1 billion, or $6 a share. Shares of ARTG are trading up 45.49% to $5.97.
Cabela's Inc. announced projected double digit earnings growth in 2011. Shares of CABN have popped up 16.00% to $21.21 this morning.
After raising its 2010 earnings outlook at a quarterly report that beat estimates, Skilled Healthcare Group Inc. has seen its shares run this morning. Shares of SKH are trading up 16.29% to $4.57.
Laggards --
Shares of BioScrip Inc. issued news that its CEO is resigning and coupled that with rescinding its 2010 outlook. Shares of BIOS are down 22.20% to $4.38.
Evergreen Solar Inc. reported a wider than expected third quarter loss of $.40 per share as opposed to $.13 a share in the same quarter in 2009. Shares of ESLR have fallen 11.50% to $.85.