Tax Cut Extensions Lift Markets

Tax cut extensions lifted the markets to a higher open with the Dow gaining 54 to 11,417 while Nasdaq rose 12 points to 2607.

On the upside

Ireland will entice investors to purchase loans from Governor and Company of the Bank of Ireland (NYSE: IRE) and Allied Irish Banks (NYSE: AIB) by sharing up to 2 billion euros in future bank loan losses.

Spectrum Pharmaceuticals (NYSE: SPPI) reported positive results from a midstage clinical trial of its follicular lymphoma treatment Zevalin.

Onyx Pharmaceuticals' (NYSE: MCP) multiple myeloma treatment carfilzomib reduced cancer tumors in one third of the patients enrolled in a midstage clinical trial.

On the downside

Talbots (NYSE: TLB) reported higher third quarter earnings that topped analyst estimates but the women's apparel retailer forecast fourth quarter results below expectations and lowered its full year guidance.

Geron (Nasdaq: GERN) priced its offering of more than 17 million common shares at $5.00 per share.

Abiomed (Nasdaq: ABMD) followed the recommendation of the Data Safety Monitoring Board and ended a midstage clinical trial of the company's Impella Cardiac Assist Device system.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 765.

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