October 16, 2012 at 10:42 AM EDT
Higher Open On Strong Earnings
Strong earnings news lifted that markets to a sharply higher open with the Dow surging 110 points to 13,534. Nasdaq gained 16 points to 3081.
On the upside
New Frontier Media (Nasdaq: NOOF) will be acquired by LFP Broadcasting for a premium of $2.02 per share in cash.
Domino's Pizza (NYSE: DPZ) reported higher third quarter earnings and revenue that topped analyst expectations.
Murphy Oil (NYSE: MUR) will separate into two different companies, one dedicated to retail sales and the other focused on oil exploration and production.
On the downside
Bloomberg reported that Sprint (NYSE: S) will not acquire the remaining shares of Clearwire (Nasdaq: CLWR) that it does not already own.
Bankrate (NYSE: RATE) warned that third quarter earnings would fall short of expectations.
Abnormal growths developed in some clinical trial patients treated with Isis Pharmaceuticals' (Nasdaq: ISIS) Kynamro.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by nearly 7 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 833.
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