Manufacturing Sector Expansion Lifts Markets

Expansion of the manufacturing sector lifted the markets to a sharply higher open with the Dow surging 185 points to 11,191. Nasdaq jumped 45 points to 2543.

On the upside

Specialty pharmaceutical firm Eurand (Nasdaq: EURX) agreed to be acquired by Axcan Holdings in an all cash deal valued at approximately $583 million. 

Second quarter earnings for OmniVision Technologies (NYSE: OVTI) more than tripled to top analyst estimates.

GT Solar International (Nasdaq: SOLR) its first two orders for its sapphire crystallization systems worth more than $84 million.

On the downside

A-Power Energy Generation Systems (Nasdaq: APWR) widened third quarter losses as revenue plunged. 

Charming Shoppes (Nasdaq: CHRS) reported a loss for the third quarter.

Jos. A. Bank Clothiers (Nasdaq: JOSB) reported higher third quarter earnings but the results missed analyst estimates.

In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by more than 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 14 points to 741.