Markets Advance At Midday Over Upbeat Earnings

Investors embraced upbeat corporate earnings to lift the markets higher during the midday with the Dow leaping 144 points to 10,360. Nasdaq surged 31 points to 2229.

On the upside

Tyco Electronics (NYSE: TEL) will acquire ADC Telecommunications (Nasdaq: ADCT) for approximately $1.24 billion.

Ivanhoe Mines (NYSE: IVN) exercised its contractual rights with joint venture partner Rio Tinto (NYSE: RTP) to issue 5% of its common shares to a third party investor.

British private equity firm Primary Capital will pay approxmately $31 million to acquire Borders Group's (NYSE: BGP) stationery business Paperchase Products.

On the downside

BPZ Resources (NYSE: BPZ) completed the drilling of its CX11-22D well and will appraise its potential oil and gas reserves while the spudding of the CX11-23D well has been completed.

Hi-Tech Pharmacal (Nasdaq: HITK) reported higher fourth quarter earnings as revenue rose but profit fell short of expectations.

L-1 Identity Solutions (NYSE: ID) cut its revenue guidance for the second quarter.

In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 13 points to 635.

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