The markets extended its gains during the midday with the Dow soaring 93 points to 14,806 as March consumer spending rose 0.2%. Nasdaq gained 33 points to 3312.
On the upside
Telular (Nasdaq: WRLS) will be acquired by Avista Capital Partners in a deal valued at approximately $253 million.
Wells Fargo upgraded NII Holdings (Nasdaq: NIHD) to a Buy rating.
Moody’s (NYSE: MCO) settled two investor lawsuits alleging that the firm inflated ratings on two structured investment vehicles.
On the downside
Auxilium Pharmaceuticals (Nasdaq: AUXL) widened first quarter losses as revenue dropped.
Five Star Quality Care (NYSE: FVE) reported higher first quarter earnings but the results fell short of expectations.
News that Merck (NYSE: MRK) chose to collaborate with Pfizer (NYSE: PFE) to develop Pfizer’s diabetes treatment ertugliflozin raised concerns that Lexicon Pharmaceuticals (NYSE: LXRX) will have problems securing a development partner for its diabetes drug.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by 5 to 2 on Nasdaq. The broader S&P 500 index climbed 11 points to 1593.
