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September 01, 2020 1:37pm
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Markets soar on upbeat earnings

The markets closed sharply higher with the Dow surging 167 points to 23,346 on upbeat earnings. Nasdaq gained 11 points to 6,598.


On the upside


Pain Therapeutics (Nasdaq: PTIE) successfully completed Phase 1 of a clinical study for PTI-125 to treat Alzheimer's Disease.


Third quarter earnings surged for Polaris Industries (NYSE: PII) to top estimates.


Conn's (Nasdaq: CONN) reported that the impact from Hurricane Harvey on third quarter results would be limited and that October same store sales in markets impacted by Hurricane Harvey have climbed more than 15%.

On the downside


Immune Design (Nasdaq: IMDZ) will offer 16 million shares of common stock through a public offering.


HNI (NYSE: HNI) reported higher third quarter earnings and revenue but the company cut its full year earnings outlook.


KeyBanc downgraded Veeco Instruments (Nasdaq: VECO) from an Overweight rating to a Sector Weight rating.


In the broad market, advancing issues outpaced decliners by a margin of 6 to 5 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The broader S&P 500 rose 4 points to 2,569. Bitcoin plummeted $317 to $5,577.


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