The markets advanced during the midday with the Dow rising 39 points to 12,493 on upbeat earnings news. Nasdaq gained 15 points to 2818.
On the upside
Sallie Mae (NYSE: SLM) reported lower first quarter earnings but the results beat analyst expectations and the student loan company reinstated its quarterly dividend, which was suspended in 2007.
Shares of 21Vianet Group (Nasdaq: VNET) surged on its first trading day.
Responsys (Nasdaq: MKTG) stock soared on its initial day of trading.
On the downside
Xerox (NYSE: XRX) swung to a profit for the first quarter that topped analyst estimates but the company warned that last month's earthquake in Japan may negatively impact its business.
Seeking Alpha contributor Chimin Sang wrote that ZST Digital Networks (Nasdaq: ZSTN) provided false numbers on their financial statements.
Shares of OCZ Technology (Nasdaq: OCZ) continued falling after Copperfield Research alleged yesterday that the company reported fraudulent financial figures.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 842.
