Strong Earnings Send Markets Soaring

Strong earnings news boosted investor sentiment to send the markets soaring during the midday with the Dow leaping 192 points to 8552. Nasdaq jumped 50 points to 1849.

On the upside

Brigham Exploration (Nasdaq: BEXP) announced that its Strobeck 27-34 #1H Three Forks well produced 2,021 barrels of oil equivalent during its early 24 hour flow back period.

Bank of America upgraded Alcatel-Lucent (NYSE: ALU).

Northland Securities initiated coverage of MGIC Investment (NYSE: MTG) with an Outperform rating.

On the downside

J. B. Hunt (Nasdaq: JBHT) disappointed with sharply lower second quarter earnings as revenue tumbled.

OXiGENE (Nasdaq: OXGN) will raise $10 million through a registered direct offering.

UCBH (Nasdaq: UCBH) announced that it will suspend dividends on both its common stock as well as preferred shares and will also defer interest payments on notes prompting a downgrade.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 1 on the NYSE and by a margin of more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 14 points to 510.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.