Midday Stock RoundupFriday, August 8, 2014
The S&P 500 rose 0.4% to 1,916.80 in midday trading Friday.
The Dow Jones Industrial Average rose 0.4% to 16,434.48, while the Nasdaq rose 0.2% to 4,343.42.
The yield on a 10-year Treasury bond fell 1.32% to 2.39%.
The price of gold was flat at $1,313.
Irvine-based Allergan Inc. was up 2.6% to $155.86 and a market capitalization of $46.3 billon. New York City-based Leerink Partners Equity Research LLC upgraded the drug maker to “outperform” from “market perform,” with a target of $184. The analyst said last month’s 8% decline in Allergan’s share price had more to do with trading on the $53 billion takeover bid for Allergan by Quebec-based Valeant Pharmaceuticals International Inc. and New York City-based Pershing Square Capital Management LLC than with Allergan’s business model, which it said remains sound.
Irvine-based device maker Masimo Corp was down 13% to $21.10 and a market cap of $1.1 billion. It said adjusted net earnings fell 4.3% in the second quarter to $16.3 million compared to $17 million in the same quarter last year.