Midday Stock RoundupTuesday, August 20, 2013
The S&P 500 rose 0.73% to 1,658.04 in afternoon trading Tuesday.
The Dow Jones industrial average was up 0.38% to 15,067.66, while the Nasdaq was up 0.95% to 3,623.17.
The yield on a 10-year Treasury bond was off 1.91% to 2.83%.
The price of gold was up 0.62% to $1,374.20 per ounce.
Irvine-based drug maker Allergan Inc. was up about 4% to $92, after the company submitted a response to a U.S. Food and Drug Administration proposal allowing a generic version of Allergan’s Restasis dry-eye treatment to roll out without human tests. Allergan requested human testing be conducted to measure the drug’s safety, and BMO Capital called the company’s argument “compelling and robust” in a research report where it maintained an “outperform” rating on Allergan. The drugmaker had a recent market value of $27.31 billion.
Investors sent shares of Santa Ana-based for-profit school operator Corinthian Colleges Inc. up about 12% to $2.41 for a market value of $207.61. The U.S. Department of Education said the company would not need to submit a letter of credit—usually required if schools’ composite scores fall below a certain threshold for three straight years. Schools participating in federal financial aid programs are required to meet certain financial responsibility standards annually as set by the Department of Education.
Several Orange County-based apparel retailers appear to have gotten a boost after Philadelphia-based specialty retailer Urban Outfitters Inc. reported better-than-expected earnings for its second quarter ended July 31. The company operates the Urban Outfitters, Anthropologie, BHLDN, Terrain and Free People chains. Analysts at Wedbush raised its rating on the company's stock from "neutral" to "outperform."
Anaheim-based action sports retailer Pacific Sunwear of California Inc. was up about 9% to $3.85 for a market value of $263.36 million.
Foothill Ranch-based teen retailer Wet Seal Inc. was up about 2% to $3.95 for a market value of $351.33 million.
Huntington Beach-based action sports apparel maker and retailer Quiksilver Inc. rose about 4% to $5.23 for a market value of $875.44 million.