Markets Soar As Pending Home Sales Rise

On the upside

Ivanhoe Energy's (Nasdaq: IVAN) first appraisal well in Ecuador reached total depth with physical testing beginning this week.

Focus Holding Media (Nasdaq: FMCN) will repurchase up to $200 million worth of American depositary shares.

Third quarter earnings for Steris (NYSE: STE) surged as revenue rose to surpass expectations and the medical products maker cut expenses.

On the downside

Silicon Motion Technology (Nasdaq: SIMO) blamed sharply lower revenue for widening fourth quarter losses.

DST Systems (NYSE: DST) reported lower fourth quarter earnings that fell short of estimates and announced the elimination of approximately 760 positions.

Cedar Shopping Centers (NYSE: CDR) will offer 7.5 million common shares in order to raise approximately $47 million through a public offering.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 614.