Upbeat Earnings Lift Markets To Higher Close

October 22, 2009 1:26 PM |
The markets turned positive in afternoon trading with the Dow soaring 131 points to close at 10,081 over upbeat earnings news. Nasdaq climbed 14 points to 2165.

On the upside

East West Bancorp (Nasdaq: EWBC) blamed hefty loan loss provisions for reporting a loss for the third quarter.

Skechers (NYSE: SKX) reported lower third quarter earnings but the results topped analyst estimates.

Despite rising loan losses, PNC Financial (NYSE: PNC) reported sharply higher third quarter earnings.

On the downside

Life Time Fitness (NYSE: LTM) reported lower third quarter earnings and warned that new membership growth would continue to be challenging.

Nucor (NYSE: NUE) swung to a loss for the third quarter as material costs rose and demand weakend.

ITT Educational Services (NYSE: ESI) reported higher third quarter earnings but also said that bad debt expenses increased.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 8 points to 613.

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