NATIONAL
Wall Street rallied for a second session Thursday as investors brushed aside mixed signals on inflation a day after the Federal Reserve said it was concerned about rising prices. The Dow Jones industrial average surged nearly 92 points and the Nasdaq composite index, battered during the market’s May slump, turned positive for the year.
According to preliminary calculations, the Dow climbed 91.97, or 0.82 percent, to 11,260.28. On Wednesday, the Dow gained 74 points after dropping 184 points on Tuesday. Broader stock indicators surged. The Standard & Poor’s 500 index gained 15.62, or 1.23 percent, to 1,285.71; the Nasdaq surged 40.98, or 1.88 percent, to 2,219.86, returning to positive territory for 2006.
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LOCAL
Hi-Shear Technology Corp. rose 8.8 percent to $10.10. DTS Inc. which was rated “buy” in new coverage by analyst Barbara Coffey at Kaufman Bros., with a price target of $25 per share, gained 8 percent to $20.35. Guess? Inc., which was raised to “strong buy” from “accumulate” by analyst Eric Beder at Brean Murray Carret & Co., with a price target of $53 per share, added 6 percent to $44.05. Stamps.com Inc. rose 5.8 percent to $31.71.
Reinhold Industries Inc. dropped 6.6 percent to $12.60. Daily Journal xxx fell 5.8 percent to $39.55. National Lampoon Inc. was down 4 percent to $1.90. YouBet.com Inc. lost 3.6 percent to $4.706.
Other News: Reliance Steel & Aluminum Co. has been added to the S & P; MidCap 400 GICS Steel Sub-Industry index. Molina Healthcare Inc. was rated “sector perform” in new coverage by analyst James Naklicki at CIBC World Markets, with a price target is $37 per share. DirecTV Group Inc. was downgraded to “neutral” from “buy” by analyst Thomas Eagan at Oppenheimer & Co., with a price target of $19 per share. THQ Inc. rated “buy” in new coverage on Wednesday by analyst Colin Sebastian at Lazard Capital Markets, with a price target of $30 per share. Edison International was rated “in-line/cautious” on Wednesday in new coverage by analyst Michael J Lapides at Goldman Sachs & Co.
