Mid-Day Report

Ford reported a surprising first quarter profit to lift the markets higher during the midday with the Dow climbing 53 points to 12,817. Nasdaq gained 17 points to 2422.

On the upside

Ford Motor (NYSE: F) reversed year ago losses to report a profit for the first quarter despite the weakened domestic economy as sales rose in Europe and South America.

Celestica (NYSE: CLS) swung to a first quarter profit even as revenue slipped due to a lower restructuring charge.

Although LSI (NYSE: LSI) reported a loss for the first quarter, the results surpassed estimates prompting an upgrade.

On the downside

Taser International (Nasdaq: TASR) reported sharply higher first quarter earnings that more than doubled but the results fell short of estimates.

Whirlpool (NYSE: WHR) blamed higher costs and weak domestic demand for lower first quarter earnings that missed expectations by a wide margin.

While Newell Rubbermaid (NYSE: NWL) reported higher first quarter earnings, the consumer products maker cut its full year guidance.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and while decliners edged out advancers by nearly 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 711.

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