The markets rebounded during the midday despite a sharp contraction in the services sector as investors snapped up bargains. The Dow climbed 139 points to 8558 while Nasdaq surged 32 points to 1482.
On the upside
Marvell Technology (Nasdaq: MRVL) reversed year ago losses to post a better than expected profit as revenue rose.
Del Monte Foods (NYSE: DLM) lifted its sales outlook for fiscal 2009 and expects earnings in the mid-range of its previous forecast.
Shares of Beazer Homes (NYSE: BZH) rebounded after falling yesterday when the homebuilder widened fourth quarter losses and warned of further losses through 2009.
On the downside
Concerns about consumer spending weighed down shares of HSN (Nasdaq: HSN).
Palm (Nasdaq: PALM) warned of sharply lower second quarter revenue and announced job cuts as well as the consolidation of offices in order to trim expenses.
II-VI (Nasdaq: IIVI) blamed soft demand for lowering its second quarter as well as its full year earnings and revenue guidance.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 11 points to 453.
