Mid-Day Report

A surprising gain in personal income lifted the markets higher during the midday with the Dow climbing 49 points to 12,351. Nasdaq gained 13 points to 2294.

On the upside

BioMimetic (Nasdaq: BMTI) disputed the study cited by the Food and Drug Administration which reported a higher cancer risk in patients applying the chronic diabetic foot ulcer treatment Regranex.

Norsk Hydro purchased 2.3 million more shares of Ascent Solar Technologies (Nasdaq: ASTI) to increase its stake in the company to 35%.

Although Xyratex (Nasdaq: XRTX) swung to a first quarter loss, revenue beat estimates and the company forecast second quarter sales ahead of expectations.

On the downside

Apollo Group (Nasdaq: APOL) reported lower than expected second quarter earnings as expenses rose prompting an analyst to lower his price target on the for-profit educator.

Maguire Properties (NYSE: MPG) said that it is no longer exploring the sale of the company prompting a downgrade.

The weakest gain in consumer spending in 17 months weighed down shares of commercial bank National City (NYSE: NCC).

In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 7 on the NYSE while decliners barely edged out adancers on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 693.

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