The markets closed higher with the Dow rising 23 points to 13,228 on upbeat earnings news. Nasdaq gained 18 points to 3069.
On the upside
Cray (Nasdaq: CRAY) swung to a better than expected profit for the first quarter as revenue more than doubled prompting the company to raise its full year guidance.
Fortune Brands Home & Security (NYSE: FBHS) reversed year ago losses to post a stronger than expected profit for the first quarter and lifted its full year earnings outlook.
Jazz Pharmaceutical (Nasdaq: JAZZ) will pay approximately $700 million to acquire privately held cancer treatment maker EUSA Pharma.
On the downside
Zynga (Nasdaq: ZNGA) fell to a first quarter loss due to stock compensation expenses.
Maxwell Technologies (Nasdaq: MXWL) swung to a profit for the first quarter but revenue missed estimates.
Silicon Motion Technology (Nasdaq: SIMO) reported higher first quarter earnings that beat analyst expectations but the company forecast current quarter and full year revenue below estimates.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 825.