Election Day Lifts Markets

The markets surged during the midday as voters went to the polls to elect a new president.  The Dow leaped 252 points to 9577 while Nasdaq jumped 49 points to 1775.

On the upside

Expeditors International of Washington (Nasdaq: EXPD) reported third quarter earnings that topped estimates as operating margin increased.

Although third quarter income for Principal Financial Group (NYSE: PFG) tumbled, the results surpassed expectations prompting an upgrade.

American Superconductor (Nasdaq: AMSC) narrowed second quarter losses and expects to report a fourth quarter profit.

On the downside

The Food and Drug Administration may require further studies for Amylin Pharmaceuticals' (Nasdaq: AMLN) and Alkermes' (Nasdaq: ALKS) diabetes drug.

Tenet Healthcare (NYSE: THC) reported lower than expected third quarter earnings due to unpaid patient bills prompting the hospital operator to cut its full year outlook.

While Herbalife (NYSE: HLF) reported higher third quarter earnings, the nutritional and weight loss supplement company forecast fourth quarter and fiscal 2008 as well as fiscal 2009 results below expectations.

In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 8 points to 546.