Increased Manufacturing Activity Lifts Markets

The markets retreated from early morning highs but still traded higher with the Dow gaining 53  points to 11,172 over increased manufacturing activity. Nasdaq added 4 points to 2511.

On the upside

Unidentified sources said that International Business Machines (NYSE: IBM) offered to acquire Fortinet (Nasdaq: FTNT).

CNA Financial (NYSE: CNA) offered $22 per share in cash to acquire all outstanding common shares of CNA Surety (NYSE: SUR) that it does not currently own. 

JinkoSolar Holding (NYSE: JKS) reported third quarter earnings that beat analyst expectations by a wide margin and forecast fourth quarter revenue well ahead of estimates.

On the downside

Although Advanced Energy Industries (Nasdaq: AEIS) reversed year ago losses, third quarter earnings fell short of expectations and the company forecast fourth quarter earnings below estimates.

Shares of Newpark Resources (NYSE: NR) continued falling after reporting disappointing third quarter results last week.

Alere (NYSE: ALR) swung to a loss for the third quarter as flu shot sales fell and lowered its full year outlook.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE while decliners edged out advancers by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 702.