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Byline: CRAIG SHAW
NYSE stocks pared gains but stayed positive Monday as a key factory index showed a smaller-than-expected decline. The S&P 500 advanced 0.4%, the Dow 0.5% in heavy trade.
Genentech raced ahead 4.12, or 6.6%, to 66.73 on 3 1/2 times normal turnover. The stock surged as much as 14% before closing near the bottom of its intraday range.
The biotech is now up nearly 67% in two weeks after gapping out of its base May 19 on news its drug Avastin improved the survival of cancer patients in a clinical trial. The firm added to those gains Monday after providing details at a weekend conference. It said patients who received Avastin combined with chemotherapy had a 50% increase in their chance of survival vs. patients who received chemotherapy alone.
Marvel Enterprises logged a 52-week high, rising 0.95 to 23.30. The comic-based toy maker and licenser cleared a 3 1/2-week consolidation Friday and closed Monday with 159% year-to-date gains. Profit is seen more than tripling this fiscal year but holding flat the year after.
Coach halved its intraday gain to close up 1.72, or 3.5%, at 50.85, still an all-time high. Merrill Lynch boosted the handbag ...