Markets modestly higher on home prices

The markets traded modestly higher during the midday with the Dow rising 14 points to 16,997 as home prices rose less than expected in May. Nasdaq gained 12 points to 4457.

On the upside

Second quarter earnings slipped for PGT (Nasdaq: PGTI) but the results were better than expected.

Cognex (Nasdaq: CGNX) reported sharply higher second quarter earnings that surpassed analyst expectations by a wide margin and forecast current quarter revenue ahead of estimates.

Shares of Frontier Communications (Nasdaq: FTR) surged after rival Windstream Holdings (Nasdaq: WIN) announced plans to spin-off its telecommunications assets.

On the downside

Aliance Fiber Optic Products (Nasdaq: AFOP) reported lower second quarter earnings.

The Food and Drug Administration issued a Form 483 with ten inspectional observations to Impax Laboratories (Nasdaq: IPXL) after conducting a general inspection of the company's manufacturing facility in Taiwan.

Oshkosh (NYSE: OSK) disappointed with lower than expected earnings for the second quarter and cut its earnings guidance for the full year.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 edged up a fraction to 1979. Bitcoin slipped $5 to $579.

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