Afternoon Market Update

Shares of MedQuist Inc (NASDAQ: MEDQ) surged after the company announced to pay a special dividend of $4.70 per share to its shareholders, as of record on October 11. The company is likely to pay the dividend on October 15. MEDQ has also signed financing agreements worth $310 million. MEDQ shares...

As per reports, the Chicago PMI jumped to 60.4% in September, up from 56.7% in August. However, the economists were expecting a decline to 55.0%. The national ISM manufacturing gauge is scheduled to release tomorrow. Shares of American International Group Inc (NYSE: AIG) gained about 6% after the...

Shares of Thor Industries (NYSE: THO) shares surged after the company reported upbeat Q4 earnings. The company reported that its acquisition of Heartland RV, along with a strong cash position without any outstanding debt, "will help fuel additional growth...in 2011 and beyond." THO shares are up...

Shares of E-Trade Financial Corp (NASDAQ: ETFC) dropped about 2%, as most of the financial stocks traded down. Shares of M&T Bank Corp (NYSE: MTB) were also down about 2.61%. The Financial Select Sector SPDR exchange-traded fund (XLF) fell about 0.71%, while the Standard & Poor's 500 stock...

Shares of Dell Inc (NASDAQ: DELL) moved up about 0.4% after analyst Brian Marshall of Gleacher & Co resumed coverage of the company with a “neutral” rating. The target price for the company is set at $12. Walmart Stores Inc (NYSE: WMT) has offered more than $4 billion to purchase Massmart...

Shares of Nike Inc (NYSE: NKE) surged more than 4% to reach a record high of $81.70, after the company reported an upbeat Q1 profit yesterday. NKE's shares have risen 82% in the past year. US Technology stocks rose, led by Advanced Micro Devices (NYSE: AMD) up more than 5%. AMD has reduced its...

Shares of Rite Aid (NYSE: RAD) tumbled about 14% after the company raised its FY11 loss projections and reduced its guidance for sales at stores open for a year. The company had reported a wider loss for the second quarter. Natural-gas futures moved up after the Energy Information Administration (...

Canadian stocks gained, driven by a rise in gold-mining stocks after gold prices reached another record high level above $1,290 an ounce. The S&P/TSX Composite Index rose 0.3% to 12,201.5. As per data by the Federal Housing Finance Agency (FHFA), US house prices dropped to the lowest level in...

H&R Block Inc (NYSE: HRB) has appointed Jeff Brown as the company's Chief Financial Officer (CFO). Brown has been the interim CFO of the company for the last 5 months. Shares of H&R Block lost about 1.4%. US Financial stocks moved down, as investors awaited the decision on the monetary...

Shares of oil producers, natural gas and oil service stocks moved up. The NYSE Arca Oil Index (XOI) rose about 1.85%, while the NYSE Arca Natural Gas Index (XNG) moved up about 1.32%. The Philadelphia Oil Service Index (OSX) rose about 1.05% Shares of Internet Brands Inc (NASDAQ: INET) advanced...

Technology stocks moved up, driven by Oracle Corp (NASDAQ: ORCL), Research In Motion (NASDAQ: RIMM) and Texas Instruments (NYSE: TXN). ORCL shares jumped about 6%, following a strong rise in the company's FQ1 profit. RIMM also posted upbeat earnings for the latest quarter. TXN's plan to repurchase...

Shares of Ford Motor Co (NYSE: F) gained about 5% after Barclays Capital upgraded the company from “equal weight” to “overweight.” Barclays has also lifted the price target from $15 to $16 per share. Analyst Brian Johnson said that the shares have "compelling upside value", as investors keep on...

Shares of Pall Corp (NYSE: PLL) jumped about 7% to top the S&P 500 index after the company posted upbeat earnings for the latest quarter yesterday. The company's profit, excluding onetime items, came in at $0.72 per share, beating the expectations of $0.64 per share. Shares of MasterCard Inc (...

Shares of US-listed Tata Motors (NYSE: TTM) moved up about 3.3% after a wide rally in the Indian company's home exchange. The stock has reached a new high on Wall Street. TTM’s shares have advanced 41% year-to-date and have risen about twofold in the past 52 weeks. The benchmark gauge of Bombay...

Churchill Downs Inc (NASDAQ: CHDN) has agreed to purchase Harlow's Casino Resort & Hotel in Greenville for $138 million in cash. The deal is likely to close in the next 3-6 months. Shares of CHDN are up more than 2%. Shares of Hertz Global Holdings Inc (NYSE: HTZ) rose about 7% after the...