Stocks Gain on Acquisitions, Lower GDP

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& #8226; National

Wall Street overcame its recent caution Wednesday, with a raft of acquisitions propping up stocks and lower-than-expected gross domestic product growth easing inflation fears.


The Dow Jones Industrial Average rose 28.18, or 0.3 percent, to 10,833.73. The S & P; 500 added 3.17, or 0.3 percent, to 1,262.79. The Nasdaq Composite Index climbed 9.24, or 0.4 percent, to 2,231.66.


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& #8226; Local


Local movers were led by UTI Worldwide Inc., which gained 3.1 percent to $90.10. On the down side, American Business Bank dropped 4.3 percent to $38.75 and shares of Ryland Group Inc. dipped 1.4 percent to $73.22.


Shares of THQ Inc. jumped 5.1 percent to $23.65 after the Agoura Hills-based video game publisher reaffirmed its third-quarter forecast, saying holiday sales of its games are meeting expectations. In late October, THQ projected its third-quarter earnings at 65 cents per share on sales of $320 million. Analysts are expecting earnings of 66 cents per share on revenue of $323.2 million.


Electro Rent Corp. climbed 2.5 percent to $14.73 after the Van Nuys-based company engaged in the rental and leasing of computer equipment said it will acquire privately held Rush Computer Rentals Inc. for $9.5 million in cash, plus a payout tied to financial performance. Electro Rent said the acquisition, which will be funded with cash on hand, will be accretive to earnings immediately.


Edison International fell 1.6 percent to $44.08 after reports on Wednesday said a hike in the price of natural gas used to generate electricity is forcing the Rosemead-based electric energy supplier’s Southern California Edison unit to raise rates for some customers starting next month. The first increase of 6 percent will kick in Jan. 1, followed by another 6 percent jump in February. In November, rates will rise an additional 3 percent.

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