February 01, 2008 at 16:20 PM EST
Closing Bell Report

Despite a contraction in the labor force, the markets soared to close higher on Microsoft's $44.6 billion offer to purchase Yahoo. The Dow climbed 93 points to 12,743 while Nasdaq surged 24 points to 2413.

On the upside

Infinera (Nasdaq: INFN) narrowed fourth quarter losses as sales surged.

Starent Networks (Nasdaq: STAR) swung to a profit for the fourth quarter to beat expectations as revenue more than doubled.

Although Sealy (NYSE: ZZ) posted lower fourth quarter earnings, the results beat estimates.

On the downside

Actuate (Nasdaq: ACTU) reported higher fourth quarter revenue and earnings but the stock price tumbled.

Fourth quarter earnings surged for Omnicell (Nasdaq: OMCL) but the company's product order backlog fell.

Agilysys (Nasdaq: AGYS) blamed acquisition related expenses for third quarter earnings that plummeted. The disappointing results prompted the information technology services provider to slash its earnings guidance.

In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 12 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 17 points to 730.

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