The markets advanced during the midday with the Dow climbing 79 points to 11,513 over optimism that a viable solution to the European debt crisis may soon be unveiled. Nasdaq gained 11 points to 2618.
On the upside
Diamond Foods (Nasdaq: DMND) reported higher fourth quarter earnings that beat analyst expectations.
Shares of Textron (NYSE: TXT) and Rockwell Collings (NYSE: COL) rose over speculation that United Technologies (NYSE: UTX) may be securing financing to acquire one of the companies.
The New York Post reported that Apollo Management may offer as much as $24 per share to buy 99 Cents Only Stores (NYSE: NDN).
On the downside
Piper Jaffray analyst Mike Olson lowered his full year revenue and earnings outlook for Netflix (Nasdaq: NFLX) and cut his price target for the second day in a row down to $300 per share.
Motley Fool warned that Manitowoc (NYSE: MTW) reported that approximately 50% of total assets were comprised of goodwill and other intangibles.
Deutsche Bank initiated coverage of Suntech Power (Nasdaq: STP) and Yingli Green Energy (NYSE: YGE) with Hold ratings.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 711.
