Earnings Lift Markets At Midday

The markets advanced during the midday with the Dow surging 113 points to 13,994 over earnings and acquisition news. Nasdaq soared 29 points to 3161.

On the upside

Opexa Therapeutics (Nasdaq: OPXA) granted Merck Serono exclusive rights to develop and commercialize its multiple sclerosis treatment Tcelna.

Estee Lauder (NYSE: EL) reported higher second quarter earnings that surpassed analyst expectations as revenue rose.

Computer Sciences (NYSE: CSC) swung to a better than expected profit for the third quarter on higher revenue.

On the downside

NII Holdings (Nasdaq: NIHD) forecast disappointing 2013 revenue that missed analyst expectations and announced plans to offer $400 million in senior notes.

Shares of McGraw-Hill (NYSE: MHP) continued falling after the Justice Department filed a civil suit against the company's Standard & Poor's Ratings Services for its mortgage investment ratings in 2007.

Petroleo Brasileiro (NYSE: PBR) reported higher fourth quarter earnings but debt climbed.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 index climbed 12 points to 1508.

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