November 03, 2011 at 18:22 PM EDT
Markets Soar As Greece Rethinks Referendum

Optimism that Greece may abandon its proposed referendum sent the markets soaring to a sharply higher close with the Dow jumping 208 points to 12,044. Nasdaq leaped 57 points to 2697.

On the upside

Tenaris (NYSE: TS) reported higher third quarter earnings as revenue climbed.

Third quarter earnings surged for MercadoLibre (Nasdaq: MELI) to surpass analyst expectations by a wide margin.

Lamar Advertising (Nasdaq: LAMR) reported higher third quarter earnings and forecast fourth quarter results ahead of estimates.

On the downside

Transocean (NYSE: RIG) blamed a foreign exchange loss, impairment charges and legal fees stemming from the Deep Horizon oil spill for swinging to a loss for the third quarter.

MEMC Electronic Materials (NYSE: WFR) swung to a third quarter loss that fell short of analyst expectations and forecast current quarter earnings below estimates.

Kellogg (NYSE: K) disappointed with lower third quarter earnings that missed expectations and forecast full year results that fell short of estimates.

In the broad market, advancing issues outpaced decliners by a margin of nearly7 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 18 points to 751.

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