Mid-Day Report

The markets traded higher during the midday with the Dow climbing 42 points to 12,842. Nasdaq added 7 points to 2512.

On the upside

InterMune (Nasdaq: ITMN) will begin a two week triple combination trial of its chronic hepatitis C treatment ITMN-191.

Biolase Technology (Nasdaq: BLTI) selected Jake St. Philip to be its new chief executive and provided fourth quarter guidance in line with expectations.

Investment fund Breeden Capital Management increased its stake in Zale (NYSE: ZLC) to 7.1 million shares or approximately 15.9%.

On the downside

ShoreTel (Nasdaq: SHOR) blamed lower sales for warning that second quarter results will fall short of expectations.

Avocent (Nasdaq: AVCT) forecast fourth quarter revenue below expectations saying that sales in North America dropped.

Jefferies Group (NYSE: JEF) warned of significant losses for the fourth quarter.

In the broad market, advancing issues outpaced decliners by a margin of 3 to 2 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 8 points to 729.

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