Markets Extend Gains As Wholesale Prices Rise

The markets extended its gains during the midday with the Dow gaining 76 points to 11,505 as wholesale prices rose. Nasdaq climbed 10 points to 2635.

On the upside

American International Group's (NYSE: AIG) insurer agreed to pay $90 million to settle a shareholder lawsuit.

Eastman Kodak (NYSE: EK) unveiled its Social Photo Album Creator application for Facebook users to easily create one album using photos from various friends and family members pictures on the social networking site.

Cypress Bioscience (Nasdaq: CYPB) rejected hedge fund Ramius' all cash acquisition offer.

On the downside

Inhibitex (Nasdaq: INHX) reported that its shingles treatment FV-100 demonstrated numerically favorable results but not statistically significant results from a midstage clinical trial.

Ashford Hospitality Trust (NYSE: AHT) priced its public offering of 7.5 million common shares at $9.65 per share.

Citigroup downgraded Veeco Instruments (Nasdaq: VECO).

In the broad market, advancing issues outpaced decliners by a margin of 7 to 5 on the NYSE and by more than 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 2 points to 774.

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