Markets Rise As Retailers Post Better Than Expected Earnings

Better than expected earnings from retailers lifted investor sentiment and boosted the markets during the midday with the Dow gaining 76 points to 9212. Nasdaq climbed 23 points to 1954.

On the upside

Although Agilent Technologies (NYSE: A) swung to a loss for the third quarter, the results topped estimates and the testing instrument maker forecast strong results for the fourth quarter.

Dawson James initiated coverage of Oculus Innovative Sciences (Nasdaq: OCLS) with a Buy rating after the company launched its Microcyn Skin and Wound Cleanser product.

Tower Group (Nasdaq: TSEM) is positioning its SiGe solution to replace GaAs components.

On the downside

Wedbush Morgan analyst Michael Pachter expects GameStop (NYSE: GME) to report lower than expected second quarter results and to lower its outlook for the year.

Delphi Financial (NYSE: DFG) will offer 3 million shares of common stock at $21 per share.

Simcere Pharmaceutical (NYSE: SCR) reported sharply lower second quarter earnings as revenue fell.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 8 points to 557.