Upbeat Earnings Lift Markets Higher
Upbeat earnings news lifted the markets higher during the midday with the Dow soaring 162 points to 8000. Nasdaq jumped 45 points to 1636.
A-Power Energy Generation Systems (Nasdaq: APWR) reported sharply higher fourth quarter earnings that beat expectations by a wide margin as revenue surged.
Keefe Bruyette upgraded SunTrust Banks (NYSE: STI).
Force Protection (Nasdaq: FRPT) named Randy Hutcherson to the newly created position of Executive Vice President, Global Sales and Business Development.
Same store sales for Abercrombie & Fitch (NYSE: ANF) plunged 34% in March.
On the upside
Cardiome Pharma (Nasdaq: CRME) partnered with Merck (MYSE: MRK) to develop an oral version of Cardiome's atrial fibrillation drug vernakalant. Merck will pay up to $600 million to Cardiome to market the heart treatment.A-Power Energy Generation Systems (Nasdaq: APWR) reported sharply higher fourth quarter earnings that beat expectations by a wide margin as revenue surged.
Keefe Bruyette upgraded SunTrust Banks (NYSE: STI).
Force Protection (Nasdaq: FRPT) named Randy Hutcherson to the newly created position of Executive Vice President, Global Sales and Business Development.
On the downside
Same store sales for Abercrombie & Fitch (NYSE: ANF) plunged 34% in March.
In the broad market, advancing issues outpaced decliners by a margin of 6 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 18 points to 460.
