Markets Advance On Upbeat Earnings
Investors embraced upbeat earnings news to boost the markets during the midday with the Dow climbing 73 points to 13,402. Nasdaq gained 14 points to 3106.
On the upside
China's announcement that it would install 10 GW of solar in 2013 lifted shares of LDK Solar (NYSE: LDK), Trina Solar (NYSE: TSL) and Yingli Green Energy (NYSE: YGE).
Power-Gen International named Canadian Solar's (Nasdaq: CSIQ) 148 MW solar park PV project the 2012 Solar Project of the Year.
The Paragon Report expects Halcon Resources (NYSE: HK) to benefit from the reopening of the Seaway Pipeline.
On the downside
Profit taking sank shares of Peregrine Pharmaceuticals (Nasdaq: PPHM), whose stock price climbed on Monday after clarifying study data for its lung cancer treatment bavituximab. Shares of Sequenom (Nasdaq: SQNM) continued falling after Illumina (Nasdaq: ILMN) announced on Monday that it was purchasing Sequenom competitor Verinata Health.
Shares of Alpha Natural Resources (NYSE: ANR) fell after Motley Fool wrote that coal companies are burdened by heavy debt and low coal prices.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 index added 4 points to 1461.
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