Greater Than Expected Gain In New Home Sales Lifts Markets

The markets advanced during the midday with the Dow climbing 63 points to 10,487 as new home sales rise more than expected. Nasdaq gained 16 points to 2285.

On the upside

Rumors circulated that Star Scientific (Nasdaq: CIGX) may be acquired.

Astrotech (Nasdaq: ASTC) won a $9.5 million contract to provide payload processing services to NASA.

Second quarter earnings rose for China Security and Surveillance Technology (NYSE: CSR) and the company forecast full year results ahead of estimates.

On the downside

Noah Education Holdings (NYSE: NED) blamed disruptions caused by a new channel realignment initiative for slashing its fourth quarter revenue guidance.

Gilead Sciences (Nasdaq: GILD) will raise capital through the offering of approximately $2.2 billion worth of senior convertible notes.

Shares of Rosetta Stone (NYSE: RST) continued falling after forecasting second quarter revenue below expectations last week.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 10 points to 660.

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