– National:
Stocks extended their rally Tuesday after the Federal Reserve’s latest take on the economy raised hopes that the central bank’s string of interest rate hikes are coming to an end.
The Dow Jones Industrial Average gained 51.15, or 0.5 percent, to 10,871.43. The S & P; 500 edged up 6.38, or 0.5 percent, to 1,261.23. The Nasdaq rose 11.89, or 0.5 percent, to 2,253.56.
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– Local:
Shares of Jamdat Mobile Inc. gained 14.2 percent to $22.45 after an analyst at Merriman Curhan Ford & Co. said the mobile game publisher may have a resurgence in its subscription business that could lead revenue to exceed its fourth-quarter sales forecast of $23.5 million to $25 million.
Keystone Automotive Industries Inc. edged up 1.6 percent to $30.54 after the stock of the Pomona-based collision repair parts distributor was rated “neutral” in new coverage by Robert W. Baird & Co.
CB Richard Ellis Group Inc. rose 1.5 percent to $56 after the El Segundo-based commercial real estate services company’s stock rating was upgraded to “strong buy” from “buy” by Matrix USA.
And shares of Activision Inc. lost 1.3 percent to $14.67 after the Santa Monica-based video game publisher’s stock rating was downgraded to “peerperform” from “outperform” by Bear Stearns & Co. The Bear Stearns report said that in the near term, “We believe that risks offset rewards for Activision.” Bear Stearns lowered its 12-month price target to $16 from $18 due to uncertainty over sales of some of Activision’s current and upcoming titles.
