The U.S. market traded in green during the afternoon session following an encouraging report on the country's new homes. According to a data released by the Department of Commerce, sales of of new single-family U.S. homes rose to a seasonally adjusted annual rate of 315,000 in November, the highest level since April.
The Dow Jones industrial average rose 0.43 percent or 52.19 points to trade at 12,221.84. The Standard & Poor's 500 index was up 0.38 percent or 4.70 points to trade at 1,258.70. The Nasdaq Stock Market Inc. composite index added 0.16 percent or 4.10 points to trade at 2,603.53.
Hot Stocks of the Day: SFLY, MRCY, RMBS, BRCM, SPWR, TOT, EK
Shutterfly, Inc. (Nasdaq: SFLY) updated its fourth-quarter financial outlook for revenue and earnings before interest, taxes, depreciation and amortization. As revised, the Company pegged revenue in a range of $259 million to $264 million, down from $270.5 million to $275.5 million previously. The company expects EBITDA on an adjusted basis of $84 million to $88 million for the quarter, down from a prior estimate of $96.3 million to $101.1 million. Shares were down 4.22 percent, or $1.07, to trade at $24.03.
Mercury Computer Systems, Inc. (Nasdaq: MRCY) agreed to acquire KOR Electronics Inc. for $70 million, in a move expected to expand Mercury's capabilities and offerings to defense contractors and the U.S. intelligence community. Mercury sees the deal, expected to close before year's end, to add to earnings immediately. Shares gained 2.81 percent, or $0.37, to trade at $13.56.
Rambus Inc. (Nasdaq: RMBS) and Broadcom Corp. (Nasdaq: BRCM) entered into a patient agreement, a five-year licensing deal that effectively settles all legal claims between the chip companies. Shares of RMBS jumped 14.48 percent, or $1.06, to trade at $8.38. Shares of BRCM were down 0.17 percent, or $0.06, to trade at $29.71.
SunPower Corp. (Nasdaq: SPWR) announced that it would acquire Tenesol, a unit of French oil company Total SA (NYSE: TOT) for $165.4 million. Shares of SPWR gained 9.91 percent, or $0.58, to trade at $6.43. Shares of TOT added 1.45 percent, or $0.72, to trade at $50.34.
Eastman Kodak Co.