Strong Results Boost Markets To Sharply Higher Close
Strong corporate results and upbeat outlooks boosted the markets to a sharply higher close with the Dow rocketing 201 points to 10,322. Nasdaq jumped 58 points to 2245.
On the upside
Lance (Nasdaq: LNCE) reported higher second quarter earnings and announced that it will merge with Snyder's.
Advanced Energy Industries (Nasdaq: AEIS) reversed year ago losses to post a profit for the second quarter and announced the sale of its flow business for $44 million in cash.
Invacare (NYSE: IVC) reported second quarter earnings and revenue that surpassed analyst estimates and lifted its full year guidance.
On the downside
Insteel Industries (Nasdaq: IIIN) disappointed with third quarter earnings that fell far short of analyst estimates.
Motorola (NYSE: MOT) sued Huawei Technologies for allegedly stealing trade secrets.
Boston Scientific (NYSE: BSX) discovered defects in three older models of its implantable defibrillators.
In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 22 points to 635.
