A strong show by financial sector helped the US market to trade in a positive note by the mid-day session despite rising concerns on the European sovereign debt crisis.
The Dow Jones industrial average was down 0.03 percent or 3.52 points to trade at 11,057.60. The Nasdaq Stock Market Inc. gained 1.08 percent or 27.04 points to trade at 2,522.99. The Standard & Poor's 500 index was up 0.84 percent or 9.72 points to trade at 1,171.99. Among other major indices, the New York Stock Exchange composite index rose 0.58 percent or 40.91 points to trade at 7,088.03.
Hot Stocks of the Day: HPQ, GE, BBY, HMA, GOOG, RIMM, DLB
Hewlett-Packard Co. (NYSE: HPQ) announced that it was extending the deadline for its offer for British software company Autonomy to October 3, 2011 after it received acceptances from only 41.6 percent of Autonomy shareholders. Shares of Hewlett-Packard were down 0.31 percent or 7 cents to trade at $22.51.
General Electric Co. (NYSE: GE) plans to invest about €86 million or $118 million to expand n Germany, the biggest economy in the euro-zone. Shares added 1.37 percent or 21 cents to trade at $15.22 in the mid-day session.
Best Buy Co. Inc. (NYSE: BBY)reported net earnings of $177 million, or 47 cents per diluted share, for its fiscal second quarter ended August 27, 2011, compared with $254 million, or 60 cents per diluted share, for the prior-year period. Analysts had forecasted a net profit of 53 cents per share for the company. Its revenue was $11.3 billion during the quarter. Shares slipped 6.85 percent or $1.71 to trade at $23.25.
Health Management Associates Inc. (NYSE: HMA) shares gained 6.55 percent or 47 cents to trade at $7.65 as it was upgraded to Outperform from Market Perform by equity analysts at Oppenheimer & Co. with a 12-month price estimate of $11 a share.