NEW YORK—The Standard & Poor's MidCap 400 index rose on Tuesday as shares of AirTran Holdings Inc. gained on news that the carrier will cut 480 jobs to help offset rising fuel costs.
The index rose 0.62 points to 781.25. The S&P MidCap 400 is an index used to track mid-sized companies which have a market capitalization of $1.5 billion to $5.5 billion.
Shares of AirTran rose 26 cents, or 13.8 percent, to $2.14, following news of job cuts that make up more than 5 percent of the company's staff.
Shares of newspaper publisher Lee Enterprises Inc. rose 25 cents, or 11.1 percent, to $3.50.
Shares of homebuilder Hovnanian Enterprises Inc. gained 72 cents, or 15.5 percent, to $5.36, despite a report from the National Association of Realtors, whose seasonally adjusted index of pending sales for existing homes fell 4.7 percent in May.
On the losing side, shares of Commercial Metals Co. declined $2.13, or 6.3 percent, to $31.84, reversing course from Monday when an analyst upgraded shares of the metal manufacturer.
Shares of iron ore mining company Cleveland-Cliffs Inc. declined $7.23, or 7.4 percent, to $91.12.
Shares of Furniture Brands International Inc. declined 65 cents, or 5.9 percent, to $10.35. On Monday, an analyst downgraded the stock.
