Markets Rise On Upbeat Earnings
The markets traded higher during the midday with the Dow rising 30 points to 12,256 on upbeat corporate earnings. Nasdaq gained 10 points to 2814.
On the upside
Sirius XM Radio (Nasdaq: SIRI) will provide extensive coverage of the Daytona 500 and NASCAR Speedweeks.
Alcatel-Lucent (NYSE: ALU) and Altair Semiconductor will begin field trials of their 4G wireless standard TD-LTE solution in India and China.
Fourth quarter earnings for Abercrombie & Fitch (NYSE: ANF) nearly doubled to top analyst estimates as revenue soared.
On the downside
Discovery Laboratories (Nasdaq: DSCO) priced its public offering of 10 million units at $2.35 per unit.
Fourth quarter earnings plunged for Sapient (Nasdaq: SAPE).Tengion (Nasdaq: TNGN) announced that the company was in negotiations to be acquired but all discussions have now been terminated.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 823.
