Strong Earnings Lift Markets At Midday
Posted on April 27, 2012 at 15:05 PM EDT
Strong corporate earnings news lifted the markets higher during the midday with the Dow gaining 53 points to 13,258. Nasdaq climbed 22 points to 3073.
On the upside
The Motley Fool noted that several doctors supported approval of Arena Pharmaceuticals' (Nasdaq: ARNA) obesity treatment Lorcaserin.
Rising gold prices boosted first quarter earnings sharply higher for Agnico-Eagle Mines (NYSE: AEM).
Shares of PulteGroup (NYSE: PHM) continued rising after reporting narrower first quarter losses yesterday.
On the downside
Republic Services (NYSE: RSG) reported lower first quarter earnings that fell short of analyst expectations.
Goodyear Tire & Rubber (NYSE: GT) blamed refinancing charges for falling to a first quarter loss and warned of lower sales for the year.
JMP Securities downgraded InterMune (Nasdaq: ITMN) to a Market Perform rating.
In the broad market, advancing issues outpaced decliners by a margin of 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 825.
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