Markets Surge Over Wells Fargo Results

Wells Fargo announced preliminary first quarter results that far surpassed analyst estimates sending the markets soaring to a sharply higher close with the Dow rocketing 246 points to 8083. Nasdaq jumped 62 points to 1653.

On the upside

Saks (NYSE: SKS) reported that same store sales in March tumbled 23.6% but the stock price rose.

Sterling Savings Bank (Nasdaq: STSA) expanded its efforts to increase loans to small businesses.

Ariel Capital Management increased its stake in newspaper publisher Gannett (NYSE: GCI) from 4.9% to 12.5%.

The Coleman Report projected that Huntington Bancshares (Nasdaq: HBAN) will grow into the nation's third largest SBA 7(a) lender in 2009.

Citi analyst Kate McShane increased her price target for Staples (Nasdaq: SPLS) saying that small businesses are poised to recover from the economic slump.

On the downside

Telus (NYSE: TU) warned that it added fewer than expected wireless subscribers in the first quarter.

In the broad market, advancing issues outpaced decliners by a margin of 6 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 26 points to 468.