Upbeat earnings reports lifted the markets to a sharply higher open with the Dow surging 204 points to 11,746. Nasdaq soared 43 points to 2642.
On the upside
First quarter earnings slipped for Seagate Technology (Nasdaq: STX) but the results topped analyst estimates.
SanDisk (Nasdaq: SNDK) reported lower third quarter earnings as expenses rose but the results surpassed expectations.
LyondellBasell Industries (NYSE: LYB) commenced a cash tender offer for senior secured notes.
On the downside
Acme Packet (NYSE: APKT) disappointed with lower third quarter earnings that fell short of analyst expectations.
MGIC Investment (NYSE: MTG) blamed rising mortgage delinquencies for widening third quarter losses.
Informatica (Nasdaq: INFA) reported higher third quarter earnings that topped analyst estimates but the company forecast fourth quarter revenue that fell short of expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 7 on the NYSE while decliners barely edged out advancers by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 10 points to 707.
