Despite a sharp drop in factory orders, the markets surged on election day with the Dow leaping 305 points to 9625. Nasdaq jumped 54 points to 1780.
On the upside
Marvell Technology (Nasdaq: MRVL) lowered its revenue guidance citing the downturn in the global economy but reassured investors that costs were being maintained prompting an upgrade.Shares of General Electric (NYSE: GE) surged over hopes that the federal government may invest in the company's financial unit GE Capital.
Shares of Providence Service (Nasdaq: PRSC) nearly doubled ahead of its earnings release after market close.
On the downside
Animal Health International (Nasdaq: AHII) disappointed with lower first quarter earnings that fell short of expectations prompting the animal health products distributor to cut its full year guidance.
Health Net (NYSE: HNT) blamed higher medical costs for reporting third quarter earnings that missed expectations. The health insurer cut its fiscal 2008 outlook and forecast fiscal 2009 earnings below estimates.
Continental Airlines (NYSE: CAL) cut its forecast for growth of its revenue passenger mile for November due to lower ticket prices.
In the broad market, advancing issues outpaced decliners by a margin of nearly 4 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 546.
