March 05, 2008 at 11:30 AM EST
Mid-Day Report
The major indexes extended earlier gains as economists focused on declining service sector activity that suggested a weak, but stable economy boosted by higher worker productivity in the 4th quarter. The Dow rose 73 points to 12,287 while Nasdaq climbed 18 points to 2278.

On the upside

BJ's Wholesale Club (NYSE: BJ) posted profits that quadrupled to beat expectations as the nation's 3rd-largest discount retail chain drew more business from bargain hunters.

Capital Trust (NYSE: CT) reported higher 4th quarter earnings as the investment management firm posted gains from the sale of investments.

Shares of Lawson Products (Nasdaq: LAWS) rose after the parts supplier to the automotive and aerospace sectors posted 4th quarter earnings that tripled due to cost-cutting despite declining revenues.

On the downside

Clothing retailer Chico's FAS (NYSE: CHS) blamed weak sales for a 4th quarter loss versus year-ago profits.

Chinese wireless media and service company KongZhong (Nasdaq: KONG) lowered its revenue forecast while announcing plans to invest further into its wireless Internet business.

Health insurance provider Universal American (NYSE: UAM) lowered its outlook due to an expected decline in Medicare Part D payments.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up 3 points to 684.

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