The markets advanced during the midday despite a slowdown in worker productivity and rising labor costs. The Dow soared 88 points to 12,353 while Nasdaq climbed 21 points to 2331.
On the upside
Advent Software (Nasdaq: ADVS) reported fourth quarter earnings and revenue above expectations and forecast full year results above estimates as well prompting an upgrade.
Increased sales along with a lower tax rate boosted third quarter earnings for Polo Ralph Lauren (NYSE: RL) to surpass expectations. The apparel maker lifted its full year outlook.
Thermo Fisher Scientific's (NYSE: TMO) acquisition of Fisher Scientific lifted fourth quarter earnings to beat estimates prompting the scientific instruments and laboratory supplies company to forecast 2008 results above expectations.
On the downside
IDM Pharma (Nasdaq: IDMI) received a warning letter from the Nasdaq Stock Market that the biopharmaceutical will be delisted if it's stock price does not close above $1 for ten consecutive days over the next 180 days.
Fourth quarter earnings surged for Double-Take Software (Nasdaq: DBTK) as prices rose but the company forecast first quarter as well as full year results below expectations.
Although NeuStar (NYSE: NSR) reported higher fourth quarter earnings that beat expectations, the company forecast 2008 earnings that fell short of estimates.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 710.