Markets Advance At Midday

The markets advanced during the midday with the Dow climbing 46 points to 11,621. Nasdaq rose 7 points to 2670.

On the upside

Qiao Xing Universal Resources (Nasdaq: XING) posted pictures of its recently acquired lead-zinc-copper mine in Inner Mongolia.

Shares of Molycorp (NYSE: MCP) climbed after China announced yesterday that it will lower its rare earth metals exports in 2011.

Bioanalytical Systems (Nasdaq: BASI) partnered with Pharmasset (Nasdaq: VRUS) to provide preclinical services for pre-IND and post-IND activities.

On the downside

Hauppauge Digital (Nasdaq: HAUP) disappointed with a loss for the fourth quarter as revenue dropped.

Ultralife (Nasdaq: ULBI) will take a $14 million impairment charge in the fourth quarter and lowered its full year revenue guidance.

Wells Fargo (NYSE: WFC) economist Sam Bullard expects home prices to drop 8% in 2011.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nnearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 791.