Markets Surge As Earnings Impress
The markets surged during the midday with the Dow jumping 130 points to 13,554 over impressive corporate earnings. Nasdaq soared 33 points to 3097.
On the upside
Identive Group (Nasdaq: INVE) unveiled a new secure identification card reader for Apple (Nasdaq: AAPL) mobile devices.
Analysts expect Nokia (NYSE: NOK) to widen losses for the third quarter when the cellphone maker reports earnings on Thursday but the launch of Windows 8 devices next week should increase its market share.
Citigroup upgraded Fossil (Nasdaq: FOSL) to a Buy rating.
On the downside
Government Properties Income Trust (NYSE: GOV) priced its public offering of 7.5 million common shares at the discounted price of $23.25 per share.
PNC Financial Services Group (NYSE: PNC) reported higher third quarter earnings but the results fell short of analyst expectations.
Costamare (NYSE: CMRE) priced its public offering of 7 million common shares at the discounted price of $14 per share.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 833.
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