Mid-Day Report

An upbeat consumer spending report boosted the markets during the midday with the Dow leaping 184 points to 13,004. Nasdaq jumped 59 points to 2472.

On the upside

Micro Focus International will pay $73.3 million in cash to acquire NetManage (Nasdaq: NETM).

First quarter earnings for Amkor Technology (Nasdaq: AMKR) more than doubled as sales rose and the semiconductor packaging and testing services company forecast second quarter results ahead of estimates.

IndyMac Bancorp (NYSE: IMB) said that its loss for the first quarter will be smaller than its fourth quarter loss and that the losses will continue to narrow. The company also announced that chief financial officer A. Scott Keys is taking a medical leave of absence.

On the downside

JDS Uniphase (Nasdaq: JDSU) narrowed losses for the third quarter as sales increased but shares of the communications equipment maker tumbled after the company forecast fourth quarter revenue below expectations.

Although Micros Systems (Nasdaq: MCRS) reported higher third quarter earnings, the results fell short of estimates and the information systems company warned that 2008 income will fall short of expectations prompting a downgrade.

PharmaNet Development Group (Nasdaq: PDGI) blamed contract cancellations for swinging to a first quarter loss.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 13 points to 729.

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