Gain In Service Sector Jobs Lifts Markets

Employment rose in the nation's service sector to lift the markets higher during the midday with the Dow soaring 181 points to 11,839. Nasdaq climbed 28 points to 2635.

On the upside

Quanta Services (NYSE: PWR) reported lower third quarter earnings but the results surpassed analyst estimates. The company also announced that TransCanada selected its Price Gregory Services unit to build 1,179 miles of pipeline from Hardisty, Alberta to Steele City, Nebraska.

A Seeking Alpha article said that Glu Mobile (Nasdaq: GLUU) has much upside potential.

Silicon Motion (Nasdaq: SIMO) reported sharply higher third quarter earnings and revenue that beat analyst expectations by a wide margin.

On the downside

Third quarter earnings rose for Open Table (Nasdaq: OPEN) but revenue fell short of expectations prompting a downgrade.

Wright Medical Group (Nasdaq: WMGI) blamed restructuring charges for swinging to a third quarter loss.

Shares of Amarin (Nasdaq: AMRN) continued falling after the Patent Office issued a non-final rejection of the company's lipid lowering medication AMR101 last week.

In the broad market, advancing issues outpaced decliners by a margin of 6 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 15 points to 729.

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