Market Extend Gains On Strong Earnings

The markets extended its gains during the midday with the Dow soaring 102 points to 16,476 as the financial sector reported strong earnings. Nasdaq climbed 24 points to 4207.

On the upside

Bargain hunters lifted shares of Amarin (Nasdaq: AMRN).

An increase in dry bulk shipping rates lifted shares of FreeSeas (Nasdaq: FREE) and Genco Shipping (NYSE: GNK).

DragonWave (Nasdaq: DRWI) signed a sales agreement with Xi'an Potevio Communications to sell DragonWave solutions in China.

On the downside

Prescience Point Research said that LKQ (Nasdaq: FAST) overstated its revenue growth.

Suhail Capital recommended shorting Veeva Systems (NYSE: VEEV) citing a recent contract loss.

Canaccord Genuity downgraded ExOne (Nasdaq: XONE) from a Buy rating to a Hold rating and cut its price target from $75 to $55.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 rose 7 points to 1846. Bitcoin gained $22.00 or 2.38% to $947.00.

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