Mid-Day Report
The markets extended its gains during the midday with the Dow leaping 125 points to 11,364 due to upbeat earnings in the financial services sector. Nasdaq climbed 16 points to 2301.

On the upside

MGIC Investment (NYSE: MTG) swung to a second quarter loss due to increased loan delinquencies but revenue rose.

Colonial BancGroup (Nasdaq: CNB) blamed higher loan loss provisions for swinging to a second quarter loss but CEO Robert Lowder said that charge-offs will not increase in the coming quarters prompting an analyst upgrade.

ON Semiconductor (Nasdaq: ONNN) will pay approximately $115 million in stock to acquire Catalyst Semiconductor (Nasdaq: CATS).

On the downside

ValueClick (NYSE: VCLK) blamed a drop in display advertising due to the weak economy for lowering its revenue and earnings outlook for the year.

TeleTech Holdings (Nasdaq: TTEC) completed restating financials for the past twelve years due to errors related to the accounting of stock based compensation.

Although Safeway (NYSE: SWY) reported higher second quarter earnings that surpassed expectations, the grocery store chain lowered its outlook for same store sales growth.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by a margin of 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 687.

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