Market Wrap: Markets RALLY, Arena Makes HISTORY, Apple BEATS Samsung

Markets closed up on Wall Street on Wednesday: Dow +0.74%, S&P +0.90%, Nasdaq +0.74%, Oil +0.27%, Gold -0.23%.

On the commodities front, Oil (NYSE:USO) rose to $80.43 a barrel. Precious metals were mixed, with Gold (NYSE:GLD) fall to $1,575 an ounce while Silver (NYSE:SLV) increased 0.16% to settle at $26.88.

Here’s your Cheat Sheet to Wednesday’s top stock stories:

Arena Pharmaceuticals (NASDAQ:ARNA) scored a major victory yesterday, winning the Food and Drug Administration’s approval of its weigh-loss pill locrcaserin, which with the decision becomes the first obesity medication cleared for sale in the U.S. in 13 years. Trading was halted following the news, but after resuming, shares jumped more than 28 percent.

Apple (NASDAQ:AAPL) was grinning after a U.S. court banned sales of Samsung’s Galaxy Tab 10.1 tablet while it decides on a patent dispute between the two companies. Apple has claimed that Samsung infringed its design patent for the iPad by copying its look with the Galaxy Tab, which is considered by most analysts to be the iPad’s biggest rival.

Entropic Communications Inc.’s (NASDAQ:ENTR) shares rallied more than 28 percent after the company increased its second-quarter adjusted earnings estimate to $0.08 cents per share from the prior $0.03 cents thanks to better-than-expected results from its connectivity product line. Analysts had estimated adjusted earnings of $0.03 cents per share.

Amarin Corp.’s (NASDAQ:AMRN) shares rose 8.6 percent. This came after Jefferies & Co. analysts kept its “Buy” rating on the stock Tuesday and noted that a recent patent ruling may give more protection for the company’s AMR101 formulation.

Omeros Corp. ‘s (NASDAQ:OMER) shares dropped 20 percent after a Seattle company did a common stock offering. The company didn’t give details of the stock sale size but it is intended to raise money for its two Phase III clinical development studies, reported MarketWatch.