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Manufacturing Report Augments Techs, Market.(B)
Byline: JONAH KERI
A bullish manufacturing report fueled a big move by stocks Thursday, with techs enjoying the fun. The Nasdaq composite surged 3.7%, the Nasdaq 100 4.4%. Volume closed at its highest level in two weeks, though still below average.
P.F. Chang's China Bistro broke out of an 8 1/2-month base, surging 1.98 to 38.28 on three times its normal trade. The upscale Chinese restaurant chain said fourth-quarter same-store sales rose 5.4%. Total revenue climbed 30%. The firm upped its fourth-quarter earnings target to 25 cents a share, a penny above Wall Street estimates.
Texas Regional Bancshares leapt 1.68 to 37.22 as volume tripled. The holding company for Texas State Bank notched a 52-week high.
Fellow regional bank firm UCBH Holdings logged a new closing high. The parent firm of San Francisco-based United Commercial Bank recently bought the $12.8 million deposit portfolio of Broadway National Bank in Brooklyn, as it looks to tap into the large Chinese population in New York.
Verint Systems, a market leader since breaking out in November, vaulted 2.31 to a new high of 22.49. The provider of ...
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