The markets closed modestly higher with the Dow rising 26 points to 13,103 despite disappointing earnings as jobless claims fell. Nasdaq added 4 points to 2986. On the upside
Gardner Denver (NYSE: GDI) began soliciting bids for a possible acquisition of the company. Teradyne (NYSE: TER) reported higher third quarter earnings as revenue soared to beat analyst expectations. NXP Semiconductor (Nasdaq: NXPI) reversed year ago losses to post a profit for the third quarter.On the downside Third quarter earnings plunged for New York Times (NYSE: NYT). Quantum (NYSE: QTM) fell to a loss for the second quarter as revenue dropped. Shares of Pandora Media (NYSE: P) tumbled after Bloomberg reported that Apple (Nasdaq: AAPL) engaged in discussions to introduce an Internet radio service in early 2013. In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE and by nearly 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 816.