Better Than Expected Durable Goods Orders Boost Markets

Durable goods orders rose more than expected to lift the markets higher during the midday with the Dow gaining 55 points to 8378. Nasdaq soared 37 points to 1802.

On the upside

Although third quarter earnings and revenue slipped for Sonic (Nasdaq: SONC), the results surpassed expectations.

American Greetings (NYSE: AM) reported lower first quarter earnings but the results topped estimates as the greeting card company cut expenses.

The U. S. Navy selected Mobile Armor, which contracts with MTM Technologies (Nasdaq: MTMC), to provide data security software to protect data at rest.

On the downside

PetroQuest Energy (NYSE: PQ) will raise capital through the offering of 10 million common shares.

Janney Montgormery Scott analyst Thomas C. McCrohan downgraded Wright Express (NYSE: WXS) due to possible negative implications from a new banking rule.

Standard & Poor's lowered its ratings for Ambac Financial (NYSE: ABK) saying that the company's bond insurance unit will have trouble writing new business.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 499.