The markets retreated from early morning highs but continued to trade in positive territory with the Dow gaining 57
points to 10,875 as investors snapped up bargains. Nasdaq rose 3
points to
2345.
On the upside
LG Electronics' announcement that it will introduce an OLED-equipped smartphone in September lifted shares of OLED technology firm Universal Display (Nasdaq: PANL).Rising silver prices lifted shares of Endeavor Silver (NYSE: EXK), First Majestic Silver (NYSE: AG) and Hecla Mining (NYSE: HL).
The New York Post reported that Apollo Management may be interested in acquiring 99 Cents Only Stores (NYSE: NDN).
On the downside
Shares of Eastman Kodak (NYSE: EK) retreated after analysts said that Google's (Nasdaq: GOOG) $12.5 billion offer for Motorola Mobility (NYSE: MMI) leveled the playing field and popped the patent acquisition bubble.
Piper Jaffray downgraded New York & Co. (NYSE: NWY) to a Neutral rating.
The Arizona Department of Insurance placed two of PMI's (NYSE: PMI) units under regulatory supervision for failing to meet capital requirements.
In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 653.
