U.S. extended its rally for the second straight session on Monday with the tech heavy index trading at almost new 3-month high. Now, the NASDAQ Composite is now up 0.77% to 2,990.62, extending its Friday’s 2% rally. On Friday the stock market had solid rally driven by strong Jobs data, which boosted confidence on the recovery of U.S markets. Moreover, better than expected earnings from blue chip companies also have supported the market rally.
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Education Management Corp (NASDAQ:EDMC) increased 9.63% to $3.31. Education Management Corp announced that John R. McKernan, Jr. will step down as Chairman of its Board of Directors, effective August 15, 2012. The Board of Directors has named Todd S. Nelson to succeed Mr. McKernan as Chairman of the Board of Directors.
RADA Electronic Ind. Ltd (NASDAQ:RADA) decreased 7.56% to $1.10. RADA's Multi-Mission Hemispheric Radar and Compact Hemispheric Radar production standard prototypes are undergoing highly successful field tests and demonstrations in Israel and abroad.
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OXiGENE Inc (NASDAQ:OXGN) among the gainers and the stock moved up 17.69% to $0.6 on a traded volume of 425k shares. The Company announced that the randomized Phase 2 study evaluating the combination of ZYBRESTAT and bevacizumab to treat patients with advanced platinum-sensitive ovarian cancer has achieved an important safety objective in a scheduled interim toxicity analysis and is expected to continue to full enrollment. The Phase 2 study is being conducted by the Gynecologic Oncology Group under the sponsorship of the Cancer Therapy Evaluation Program of the National Cancer Institute.
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MTS Systems Corporation (NASDAQ:MTSC) went up 6.38% to $52.68 after the Company reported third quarter results. Revenue increased 21% to $141.7 million driven by higher beginning backlog. Income from operations increased 16% to $18.2 million due to strong gross margin. Earnings per share were $0.59 compared to $0.69 per share in the prior year. This decrease was primarily due to negative impact from the previously mentioned accrual.
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Standard Motor Products Inc (NYSE:SMP) soared 21.75% to $17.15 on a traded volume of 279k shares after the Company announced second quarter results. Consolidated net sales were $268.9 million compared to $244 million in the second quarter of 2011. Earnings from continuing operations were $13.7 million or 59 cents per diluted share in the second quarter.