Markets Advance Over Upbeat Earnings
The markets advanced during the midday with the Dow gaining 54 points to 11,877 over upbeat earnings. Nasdaq climbed 15 point to 2702.
On the upside
Shares of Advanced Micro Devices (NYSE: AMD) climbed after Intel (NYSE: INTC) revealed a design error in a support chip that will lower revenue in the first quarter by approximately $300 million.
Chesapeake Energy (Nasdaq: CHK) sold a 33.3% stake of its shale deposit in Wyoming and Colorado to Chinese oil company CNOOC for approximately $1.3 billion.
Credit Suisse analyst Hamzah Mazari upgraded Pall (NYSE: PLL) and said that the water filtration system maker may be the target of a merger or acquisition after chief executive Eric Krasnoff retires in March 2012.
On the downside
Concerns that political unrest in Egypt may force the closure of the Suez Canal weighed down shares of shipping companies Frontline (NYSE: FRO) and General Maritime (NYSE: GMR).
Ford (NYSE: F) recalled more than 425,000 Windstar minivans produced between 1999 and 2003 due to a possible separation of a front lower control arm.ProLogis (NYSE: PLD) agreed to be acquired by AMB Property (NYSE: AMB) in an all stock deal valued at approximately $5.7 billion.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points 785.
