Greek Austerity Measures Approved, Markets Climb

The markets advanced during the midday with the Dow gaining 69 points to 12,870 after Greece approved strict austerity measures. Nasdaq climbed 24 points to 2928.

On the upside

Regeneron Pharmaceuticals (Nasdaq: REGN) widened fourth quarter losses as revenue fell but the results were better than expected and the company raised its 2012 sales outlook for its eye disease treatment Eylea.

TheStreet Ratings upgraded Pharmacyclics (Nasdaq: PCYC) to a Buy rating.

Diebold (NYSE: DBD) swung to a fourth quarter profit that surpassed analyst expectations by a wide margin and forecast 2012 revenue ahead of estimates.

On the downside

AmerisourceBergen (NYSE: ABC) chief financial officer Michael DiCandilo resigned effective immediately.

UBS downgraded Suntech Power Holdings (NYSE: STP) to a Neutral rating.

The U. S. Army will purchase fewer medium duty Oshkosh (NYSE: OSH) trucks in order to save approximately $2.2 billion over the next five years.

In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 9 points to 822.

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