Dow Gained 94, Nasdaq Adds 29
Volume was modest with 1.74 billion shares trading on the NYSE and 2.03 billion on the Nasdaq. Advancers clobbered decliners by a margin of 25:07 on the NYSE and 22:08 on the Nasdaq.
In individual stories, Stone Energy Corp. (NYSE: SGY) ended 22.6% (+$9.19) higher after Energy Partners, Ltd. (NYSE: EPL) announced that it has made an offer to the Board of Directors of Stone Energy to acquire all of the outstanding shares of Stone for a combination of cash and stock valued at $52.00 per Stone share. Blue Coat Systems (Nasdaq: BCSI) ended 20% (-$3.75) lower after reporting Q4 EPS of $0.07, 2 cents worse than estimates.(0.09) Revenues were $35.9 million vs. $35.12 million consensus. Sees Q1 EPS of $0.04-$0.06, ex-items, versus the consensus of $0.14 (may not be comparable). Sees Q1 revenue $36.1-$36.6 million, versus the consensus of $37.16 million.
Tomorrow traders will be looking for economic data on Personal Income, Personal Spending (8:30AM EST) and University of Michigan Consumer Sentiment (9:50AM EST).