Markets Higher Despite Soaring Oil Prices
Despite soaring oil prices, the markets traded higher during the midday in anticipation of an interest rate cut later this week. The Dow climbed 49 points to 13,856 while Nasdaq gained 7 points to 2813.

On the upside

Winn-Dixie (Nasdaq: WINN) narrowed first quarter losses as margins improved and costs declined.

On Friday, Sierra Wireless (Nasdaq: SWIR) reported sharply higher third quarter earnings and forecast fourth quarter results ahead of expectations.

A Barron's article said that Weyerhaeuser (NYSE: WY) stock will double in value.

On the downside

Schnitzer Steel (Nasdaq: SCHN) blamed higher costs for a drop in fourth quarter earnings that fell short of expectations.

Office Depot (NYSE: ODP) delayed the release of its third quarter earnings while its audit committee reviews vendor program funds.

Third quarter earnings for Kaydon (NYSE: KDN) fell due to higher costs from a wind energy project.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 5 on the NYSE and by a margin of nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a fraction to 821.

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