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July 27, 2012 at 13:56 PM EDT
Markets Advance As GDP Grows 1.5%
The markets extended its gains during the midday with the Dow surging 117 points to 13,005 as the nation's economy grew 1.5% annual pace in the second quarter. Nasdaq surged 41 points to 2935.
On the upside
Expedia (Nasdaq: EXPE) reported lower second quarter earnings but the results surpassed analyst expectations.
A Seeking Alpha contributor expects OCZ (Nasdaq: OCZ) to report strong results in the second quarter as well as the full year.
Barclays (NYSE: BCS) reported higher adjusted profit for the first half of the year.
On the downside
Starbucks (Nasdaq: SBUX) reported higher third quarter earnings and revenue but the results fell short of expectations and lowered its guidance for the current quarter.
Acme Packet (Nasdaq: APKT) fell to a loss for the second quarter and cut its full year forecast below analyst expectations.
Coinstar (Nasdaq: CSTR) reported higher second quarter earnings but revenue missed estimates and the company forecast full year earnings below expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 Nasdaq. The Russell 2000 which tracks small cap stocks soared 12 points to 789.
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