The U.S. market traded in a positive note as jobless claims fell to a 3.5 year low and mortgage rates declined to a record 3.91 percent this week.
The Dow Jones industrial average rose 0.34 percent or 41.36 points to trade at 12,149.10. The Standard & Poor's 500 index was up 0.53 percent or 6.73 points to trade at 1,250.45. The Nasdaq Stock Market Inc. composite index added 0.65 percent or 16.78 points to trade at 2,594.82.
Hot Stocks of the Day: YHOO, MU, FUL, SMA, CPY
Yahoo! Inc. (Nasdaq: YHOO) reportedly is discussing a plan to reduce its ownership stake in Chinese e-commerce company Alibaba Group Holding Ltd., currently 40 percent, to about 15 percent. Shares of YHOO gained 1.19 percent, or $0.19, to trade at $16.18.
Micron Technology Inc. (Nasdaq: MU) posted a net loss of $187 million, or 19 cents a share, for the first quarter ended December 1, 2011, a reversal from net income of $155 million, or 15 cents a share, generated in the year-earlier period. Quarterly sales fell to $2.09 billion from the prior year's $2.25 billion, as better sales in NAND Flash were offset by a flat DRAM memory business. Analysts had had been looking for a loss of 7 cents with revenue pegged at $2.14 billion. Shares jumped 14.62 percent, or $0.81, to trade at $6.35.
HB Fuller Co. (NYSE: FUL) agreed to acquire the industrial-adhesives business of Switzerland's Forbo Group for about $395 million. For 2011, H.B. Fuller said, the business should generate revenue of about $580 million. Shares of FUL lost 3.43 percent, or $0.81, to trade at $22.83.
Symmetry Medical, Inc. (NYSE: SMA) agreed to purchase the surgical instruments business of Codman & Shurtleff Inc. for $165 million cash, expanding the company's hospital direct business. Shares of SMA added 2.47 percent, or $0.20, to trade at $8.30.