Weekly Market Re-Cap Ending March 1st 2013

Posted on: March 3, 2013
Market Summary

Though there is $85 billion in government budget cuts set to begin, the market ended the week on a high note after a report from the Institute for Supply Management revealed that manufacturing grew in February at the fastest pace in 20 months. Also a survey from the University of Michigan showed that consumer sentiment rose last month to its highest level since November.

For the week, the Dow rose 0.6 percent, the S&P 500 edged up 0.2 percent and the Nasdaq gained 0.3 percent. The Dow is less than 1 percent away from its all-time intra-day high of 14,198.10

Groupon (Nasdaq: GRPN) made headlines this week after reporting a weaker outlook for the current quarter and for firing their chief executive officer.

A U.S. district court judge has cut Apple's (Nasdaq: AAPL) award in its patent-infringement case with Samsung almost in half to $599 million.

MediciNova Inc. (Nasdaq: MNOV) Company announced that the U.S. Food and Drug Administration have granted Fast Track designation for MN-166 (ibudilast) for the treatment of methamphetamine dependence.

Best Buy Co., Inc. (NYSE: BBY) posted fiscal fourth-quarter adjusted profit that topped analysts’ estimates.

Affymax, Inc. (Nasdaq: AFFY) along with its partner Takeda Pharmaceutical Co. Ltd. of Japan, voluntarily recalled its anemia drug Omontys after a handful of fatal reactions followed use of the medication in first-time users.

Barnes & Noble, Inc. (NYSE: BKS) founder Leonard Riggio disclosed in a regulatory filing on Monday that he wants to acquire the company's stores and website.

On Wednesday, J. C. Penney Company, Inc. (NYSE: JCE) reported that it lost $552 million, or $2.51 a share, in its fiscal fourth quarter ended Feb. 2.

Zynga, Inc. (Nasdaq: ZNGA) shares saw a boost earlier in the week when Nevada legalized online gambling which could create a new revenue channel for the Company.

In the OTC market, DMH International, Inc. (OTCBB: DMHI)announced that their wholly-owned subsidiary, Touch Medical Solutions, Inc (TMSI) has received approval from the United States Food and Drug Administration (US-FDA) for their medical imaging software suite, TouchPACS. The software is approved as a Class II medical device.

Green Innovations Ltd. (OTCBB: GNIN) announced that its wholly-owned subsidiary, Green Hygienics, Inc. has completed a category review process with Whole Foods Markets and has been approved for sale at their stores across the United States.

Chris Crosby, co-founder and CEO of leading online comics portal Keenspot, has joined Red Giant Entertainment (OTCQB: REDG) as a Member of the Board of Directors.

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