Mid-Day Report

An increase in the nation's inventory of crude oil lifted the markets during the midday with the Dow gaining 59 points to 12,780. Nasdaq climbed 25 points to 2402.

On the upside

GlaxoSmithKline (NYSE: GSK) offered $720 million to acquire Sirtris Pharmaceuticals (Nasdaq: SIRT).

First quarter earnings for Anadigics (Nasdaq: ANAD) more than doubled to beat estimates due to strong sales prompting the company to forecast second quarter results ahead of expectations.

Teradyne (NYSE: TER) reversed year ago losses to post a profit for the first quarter.

On the downside

Third quarter earnings for Cree (Nasdaq: CREE) plunged to fall short of estimates while the semiconductor maker forecast fourth quarter income below expectations.

Arrow Electronics (NYSE: ARW) reported lower first quarter earnings as sales dropped and forecast disappointing second quarter results.

Although Carter's (NYSE: CRI) reported higher first quarter income due to strong sales, the children's clothing retailer lowered its full year guidance.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE while decliners edged out advancers by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 5 points to 709.

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