Rebounding Home Sales Lift Markets

On the upside

Zion Bancorp (Nasdaq: ZION) expects to receive a tax refund due to the lower values of some if its investment portfolio securities.

People's United Financial (Nasdaq: PBCT) will pay approximately $738 million in cash and stock to acquire Financial Federal (NYSE: FIF).

The Food and Drug Administration granted ARCA biopharma's (Nasdaq: ABIO) chronic heart failure treatment Gencaro fast-track status.

On the downside

Shares of TTI Team Telecom International (Nasdaq: TTIL) fell as investors locked in profits. The stock rallied last week after beating earnings estimates for the third quarter.

Empire Resorts (Nasdaq: NYNY) will no longer pursue an off-reservation gaming project in New York.

Brocade Communications Systems (Nasdaq: BRCD) delayed the release of its fourth quarter earnings until three hours after market close today.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 11 points to 596.