U.S stocks ended higher for the third straight session on Tuesday with the NASDAQ Composite(INDEXNASDAQ:.IXIC) closed well above 3K mark for the first time in the past three months, while the S&P 500 closed above $1, 400 mark on growing optimism the European Central Bank would act soon to contain the euro zone's debt crisis.
Crumbs Bake Shop Inc (NASDAQ:CRMB) shares soared 66.34% to $3.41 o after the company said it reached an agreement with Starbucks Corp. (SBUX) to bring the Starbucks brewed coffees, teas and espresso-based drinks to all Crumbs locations. Crumbs currently have 51 locations, including 33 in the New York Metro area. The company believes the availability of Starbucks drinks in their stores will greatly enhance the Crumbs experience for its customers and significantly increase beverage business.
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Tesla Motors Inc (NASDAQ:TSLA) stock gained 7% to $30.25. The company last week said it has produced its first 50 Model S luxury sedans and will accelerate output on a weekly basis to meet a target of delivering 5,000 this year. Additionally, the shares of Tesla Motors had its “” rating restated by equities researchers at Jefferies Group last week.
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Chimera Investment Corporation (NYSE:CIM) stock increased 8.26% to $2.36. The company reported that each of the Company's previously issued consolidated financial statements included in the Company's Annual Reports on Form 10-K for the years ended December 31, 2010, 2009 and 2008, and interim consolidated financial statements included in the Company's Quarterly Reports on Form 10-Q for the quarter ended September 30, 2008 and for all subsequent quarters through the quarter ended September 30, 2011 need to be restated.
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Vringo, Inc. (NYSEAMEX:VRNG) shares climbed 8.94% to $3.90. According to public filings, AOL has settled on their own Patent infringement suit with Vringo but still remains a defendant in the Litigation against Google. According to several publications, a settlement in favor of Vringo could be worth hundreds of millions of dollars in while a win could top over into the billions of dollars, but investors will have to wait until October 16, 2012 when Vringo is scheduled to go to trial on the larger case.
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Arch Coal Inc (NYSE:ACI) stock increased 6.17% to $7.40 after Argus upgraded shares of Arch Coal from a hold rating to a buy rating in a research note released today. They currently have $10.00 price target on the stock. Separately, analysts at Jefferies Group cut their price target on shares of
Arch Coal from $18.00 to $12.00 last week. They now have a buy rating on the stock.