Upbeat earnings along with corporate consolidations lifted the markets to a higher close with the Dow gaining 55 points to 11,533. Nasdaq climbed 18 points to 2667.
On the upside
Summer Street Research Partners said that Xoma's (Nasdaq: XOMA) once per month diabetes medication XOMA-052 may be the best in a new class of blockbuster drugs.
WABCO Holdings (NYSE: WBC) cited increased demand for lifting its fourth quarter as well as its 2010 full year outlook.
Carnival (NYSE: CCL) reported higher fourth quarter earnings and forecast 2011 results ahead of expectations.
On the downside
Security camera maker ICOP Digital (Nasdaq: ICOP) suspended operations due to a lack of cash and is pursuing financing options.
Orion Marine Group (NYSE: ORN) blamed subcontractor delays and production schedule shifts for cutting its revenue outlook for 2010.
Gilead Sciences (Nasdaq: GILD) will pay approximately $225 million to acquire Arresto Biosciences.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks rose 8 points to 790.
