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Greece May Abandon Referendum, Markets Soar

The markets surged during the midday with the Dow soaring 139 points to 11,975 over hopes that Greece will abandon efforts for a referendum on the bailout plan. Nasdaq climbed 34 points to 2674.

On the upside

Third quarter earnings for Alpha Natural Resources (NYSE: ANR) more than doubled to beat expectations as the company's acquisition of Massey Energy boosted revenue.

ING (NYSE: ING) reported higher third quarter earnings and announced the elimination of 2,700 positions.

Valeant Pharmaceutical (NYSE: VRX) reversed year ago losses to post a profit for the third quarter and announced a $1.5 billion convertible notes repurchase plan.

On the downside

Shares of Career Education (Nasdaq: CECO) continued falling after the for profit educator reported sharply lower third quarter earnings Tuesday after market close.

Jefferies Group (NYSE: JEF) clarified that it had minimal exposure to European sovereign debt but the stock price continued to fall.

Frontier Communications (NYSE: FTR) disappointed with lower third quarter earnings as revenue fell.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 8 points to 741.

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