The markets rebounded with the Dow soaring 126
points to 10,980 as investors snapped up bargains. Nasdaq surged 38
points to
2384.
On the upside
Melco Crown Entertainment (Nasdaq: MPEL) reversed year ago losses to post a profit for the second quarter.Omnicare (NYSE: OCR) offered approximately $441 million to acquire rival pharmaceutical services firm PharMerica (NYSE: PMC).
Trina Solar (NYSE: TSL) reported lower second quarter earnings but expects to ship more solar panel in the third quarter.
On the downside
Corinthian Colleges (Nasdaq: COCO) disappointed with sharply lower fourth quarter earnings that fell short of analyst expectations and warned of losses for the first quarter.
Concerns about Bank of America's (NYSE: BAC) mortgage liabilities sent the bank's credit default swap insurance soaring.
Temple-Inland (NYSE: TIN) was sued by bankrupt Guaranty Financial Group's liquidating trust.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 660.
