Bargain hunters lifted the markets higher during the midday with the Dow climbing 92 points to 12,191. Nasdaq gained 11 points to 2221.
On the upside
Capital Corp. of the West (Nasdaq: CCOW) formed a Regulatory Oversight Committee and has retained the services of Keefe, Bruyette & Woods to strengthen its capital position and explore strategic alternatives to improve shareholder value.
Neurogen (Nasdaq: NRGN) narrowed fourth quarter losses.
Although Shoe Carnival (Nasdaq: SCVL) blamed lower sales for a sharp drop in fourth quarter earnings, the results surpassed estimates.
On the downside
After Epix Pharmaceuticals' (Nasdaq: EPIX) depression treatment PRX-00023 failed a midstage clinical trial, the biopharmaceutical halted development of the drug.
Second quarter earnings for Winnebago Industries (Nasdaq: WGO) plunged as sales dropped. The recreational vehicle maker also announced the elimination of 300 jobs.
Public Service Enterprise Group (Nasdaq: PEG) forecast earnings for 2008 as well as 2009 below analyst estimates.
In the broad market, advancing issues outpaced decliners by a margin of 4 to 3 on the NYSE and by nearly 8 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 10 points to 674.