Stocks Up After AMD Revives Optimism

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– National

Stocks turned higher Thursday and regained most of the ground they lost in the previous session following a bright first-quarter outlook from semiconductor maker Advanced Micro Devices Inc. and upgrades of oil services stocks.


The Dow Jones Industrial Average rose 25.85, or 0.2 percent, to 10,880.71. The S & P; 500 climbed 7.11, or 0.6 percent, to 1,285.04. The Nasdaq Composite Index added 22.17, or 1 percent, to 2,301.81.


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– Local


Local movers were led by UTI Worldwide Inc., which gained 2.6 percent to $92.71, J2 Global Communications Inc., which rose by 4.8 percent to $49.22, and IHOP Corp., which climbed 3.2 percent to $52.07. On the down side, shares of Peerless Systems Corp. fell 14.9 percent to $7.42, Countrywide Financial Corp. slipped 3.4 percent to $35.10 and KB Home dipped 1 percent to $77.88.


Shares of City National Corp. fell 1.1 percent to $72.60 as investors bet that the Beverly Hills-based holding company for City National Bank would not meet analysts’ forecasts when it reported its fourth-quarter earnings just after the closing bell. City National’s fourth-quarter and full-year profit matched estimates.


Walt Disney Co. gained 4 percent to $26.24 after The Wall Street Journal reported that the Burbank-based entertainment giant is in “serious discussions” to buy Pixar Animation Studios Inc., after months of exploring ways to continue their distribution partnership.

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