Yahoo Leads Nasdaq to New High for the Year
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An upgrade of Yahoo (NASDAQ: YHOO) sent the company's shares 4.5 percent higher on Thursday and the Nasdaq to its highest level in nearly a year.
Bank of America/Merrill Lynch said Yahoo has more growth in it than investors appreciate, news that also boosted shares of eBay (NASDAQ: EBAY).
Dell (NASDAQ: DELL) and Cisco (NASDAQ: CSCO) were other strong stocks on a day that saw the Nasdaq notch its highest close since Sept. 30, 2008, when the market was in freefall following the collapse of Lehman Brothers and AIG.
Texas Instruments (NYSE: TXN) slipped despite raising its financial guidance for the quarter, but AMD (NYSE: AMD) and Micron (NYSE: MU) ended the day solidly higher.
Corning (NYSE: GLW) added 2 percent on its outlook, while Xyratex (NASDAQ: XRTX), RF Micro (NASDAQ: RFMD) and Skyworks (NASDAQ: SWKS) soared after raising their sales guidance.
Apple (NASDAQ: AAPL) edged higher on a JMP upgrade on new products and the return of CEO Steve Jobs.
Photronics (NASDAQ: PLAB) fell 14 percent on plans for a stock and debt offering.
Cautiously optimistic comments from Treasury Secretary Timothy Geithner boosted the broader market.
The Nasdaq rose 23 to 2084, the S&P 500 was up 10 to 1044, and the Dow gained 80 to 9627. Volume was declined to 5.19 billion shares on the NYSE, and 2.49 billion on the Nasdaq. Advancers led by a 28-9 margin on the NYSE, and 18-8 on the Nasdaq. Upside volume was 82 percent on the NYSE, and 79 percent on the Nasdaq. New highs-new lows were 232-74 on the NYSE, and 118-6 on the Nasdaq.