The markets traded higher during the midday with the Dow rising 66 points to 11,190 even as record foreclosures weighed down the nation's homeownership rate to the lowest level in ten years. Nasdaq gained 19 points to 2524.
On the upside
Skilled Healthcare Group (Nasdaq: SKH) swung to a third quarter loss due to a legal settlement but revenue rose to beat analyst expectations.
Medco Health (NYSE: MHS) reported higher third quarter earnings that beat analyst expectations prompting the pharmacy benefits manager to lift its full year outlook.
Rumors circulated that Dell (Nasdaq: DELL) may be interested in acquiring Rackspace Hosting (NYSE: RAX).
On the downside
BioScrip (Nasdaq: BIOS) disappointed with lower third quarter earnings that fell short of expectations and withdrew its guidance for the full year. The company also announced the resignation of chief executive Richard Friedman effective January 1, 2011.
While fourth quarter earnings for Energizer Holdings (NYSE: ENR) more than doubled, the results fell short of expectations.
Third quarter earnings tumbled for Spirit Aerosystems Holdings (NYSE: SPR) to fall short of analyst expectations prompting the company to lower its full year guidance.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 7 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 706.
