The Dow Gains 119 Points, Nasdaq Adds 31
The Dow gained 119.01 points today to close at 13,357.74, the Nasdaq gained 31.06 points to close at 2,596.36 and the S&P 500 gained 16.35 points to close at 1,473.99. Stocks rallied after Fed Chairman Bernanke spoke from Jackson Hole on current economic conditions and President Bush commented about plans to help borrowers facing problems with paying their mortgages.
Volume was light on the NYSE with 2.75 billion shares traded and 1.56 billion shares traded on the Nasdaq. Advancers topped Decliners on the NYSE 28:5, and 22:8 on the Nasdaq.
In individual stories, Accredited Home Lenders Holding Co. (NASDAQ: LEND) jumped 43% after Lone Star prepared to amend the Offer immediately to change the Offer Price to $8.50 per Company Common Share, which represents a premium of 35% over the closing price of the Company Common Shares on August 30, 2007. As part of the amended Offer, Lone Star would modify the conditions to the Offer such that the only substantial condition to the consummation of the Offer would be the Minimum Condition. However, LEND has agreed to pursue its lawsuit against Lone Star, seeking the original acquisition price of $15.10 per share.
Cost Plus Inc. (NASDAQ: CPWM) fell 20% after reporting a Q2 adjusted loss of $0.66, 1 cent worse than estimates.(-.65) Revenues were $215.2 million vs. $217.28 million consensus. For the third quarter of fiscal 2007, the Company is projecting a net loss in the range of $16 million to $18 million, or a net loss of $0.73 to $0.80 per diluted share. (Consensus is a $0.45 loss)
The markets will be closed Monday, September 3, 2007 - Labor Day.
Volume was light on the NYSE with 2.75 billion shares traded and 1.56 billion shares traded on the Nasdaq. Advancers topped Decliners on the NYSE 28:5, and 22:8 on the Nasdaq.
In individual stories, Accredited Home Lenders Holding Co. (NASDAQ: LEND) jumped 43% after Lone Star prepared to amend the Offer immediately to change the Offer Price to $8.50 per Company Common Share, which represents a premium of 35% over the closing price of the Company Common Shares on August 30, 2007. As part of the amended Offer, Lone Star would modify the conditions to the Offer such that the only substantial condition to the consummation of the Offer would be the Minimum Condition. However, LEND has agreed to pursue its lawsuit against Lone Star, seeking the original acquisition price of $15.10 per share.
Cost Plus Inc. (NASDAQ: CPWM) fell 20% after reporting a Q2 adjusted loss of $0.66, 1 cent worse than estimates.(-.65) Revenues were $215.2 million vs. $217.28 million consensus. For the third quarter of fiscal 2007, the Company is projecting a net loss in the range of $16 million to $18 million, or a net loss of $0.73 to $0.80 per diluted share. (Consensus is a $0.45 loss)
The markets will be closed Monday, September 3, 2007 - Labor Day.
