Upbeat earnings news lifted the markets higher during the midday with the Dow soaring 119 points to 12,725. Nasdaq surged 22 points to 2462.
On the upside
Private equity firm Bain Capital will acquire Bright Horizons Family Solutions (Nasdaq: BFAM) for approximately $1.3 billion.
Yamana Gold (NYSE: AUY) CEO Peter Marrone expects the company to grow through 2010 as gold prices rise.
On the downside
Openwave Systems (Nasdaq: OPWV) announced the departure of chief financial officer Jean-Yves Dexmier and named vice president of finance Ann Brennan as interim CFO. The communications software company also appointed Charles Levine to the position of non-executive chairman.
Analysts downgraded Harman International Industries (Nasdaq: HAR) after the electronics maker slashed its 2008 guidance due to pricing competition in the portable navigation device sector.
Schering-Plough (NYSE: SGP) reported disappointing results for its cholesterol drug Vytorin.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 707.