Mid-Day Report

The value of the dollar rose to boost the markets during the midday with the Dow climbing 98 points to 12,844. Nasdaq soared 28 points to 2474.

On the upside

Comtech Telecommunications (Nasdaq: CMTL) will pay approximately $216.2 million to acquire Radyne (Nasdaq: RADN).

Clear Channel Communications (NYSE: CCU) reported higher first quarter earnings. Also, a delay in the lawsuit trial between the private equity firms seeking to purchase Clear Channel and the banks funding the deal prompted speculation that a settlement would soon be announced.

Analysts upgraded EnCana (NYSE: ECA) and raised their price target for the energy company after EnCana announced that it will become two separate companies.

On the downside

Analysts downgraded Cogent Communications (Nasdaq: CCOI) after the broadband technology provider widend first quarter losses and forecast second quarter results below estimates.

Standard Pacific (NYSE: SPF) blamed a significant impairment charge for widening first quarter losses.

The plan to buyout of Cumulus Media (Nasdaq: CMLS) collapsed after the group of investors failed to agree on the terms of the deal.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks soared 10 points to 730.
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