Investors Embrace Draghi's Comments, Markets Soar
Investors welcomed comments by European Central Bank president Mario Draghi that the bank will protect the euro. The markets closed sharply higher with the Dow rocketing 211 points to 12,887 while Nasdaq soared 39 points to 2893.
On the upside
PulteGroup (NYSE: PHM) swung to a greater than expected profit for the second quarter as revenue rose.
Second quarter earnings slipped for Akamai Technologies (Nasdaq: AKAM) but the results beat analyst expectations as revenue climbed.
Crocs (Nasdaq: CROX) reported higher second quarter earnings that topped analyst estimates.
On the downside
Ferro (NYSE: FOE) fell to a larger than expected loss for the second quarter and cut its full year earnings guidance.
LogMeIn (Nasdaq: LOGM) reported lower second quarter earnings even as revenue rose and forecast current quarter and full year results that fell short of analyst expectations.
Synacor (Nasdaq: SYNC) reported higher second quarter earnings and revenue but the company forecast current quarter and full year revenue below estimates.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 2 to 1 Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 777.
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