Mid-Day Report

Retreating oil prices along with the Fed's announcement yesterday to infuse the financial markets with $200 billion lifted the markets higher during the midday with the Dow gaining 89 points to 12,246. Nasdaq climbed 16 points to 2271.

On the upside

Third Wave Technologies (Nasdaq: TWTI) reported positive results for its human papillomavirus test.

Bear Stearns analyst David Hochstim upgraded Thornburg Mortgage (NYSE: TMA) saying that the Fed's plan to pump $200 billion into the financial markets improves Thornburg's liquidity.

The Treasury Department approved Capital One's (NYSE: COF) request to open two new bank branches in Texas.

On the downside

Progenics Pharmaceuticals (Nasdaq: PGNX) and Wyeth (NYSE: WYE) reported that their constipation treatment methylnaltrexone failed a late stage drug trial.

DivX (Nasdaq: DIVX) blamed one time charges for sharply lower fourth quarter earnings and forecast first quarter as well as full year results below estimates.

Immucor's (Nasdaq: BLUD) $117 million cash acquisition of BioArray will result in a 20 cents per share charge beginning in 2009 and could continue for a few more years.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 679.

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