Markets soar on upbeat earnings

Upbeat earning sent the markets soaring to a sharply higher open with the Dow surging 226 points to 16,343. Nasdaq jumped 61 points to 4,279.

On the upside

ITT Educational Services (NYSE: ESI) reported a smaller than expected drop in new student enrollment.

Nomura upgraded AK Steel (NYSE: AKS) from a Neutral rating to a Buy rating with a $10 price target.

Bloomberg reported that a company may invest $2 billion in SunEdison (Nasdaq: SUNE) to build a polysilicon factory in China.

On the downside

The Food and Drug Administration notified Repros Therapeutics (Nasdaq: RPRX) that additional information must be provided before a pre-investigational new drug application meeting in November could be held.

Goldman Sachs downgraded Urban Outfitters (Nasdaq: URBN) from a Buy rating to a Neutral rating and lowered its price target from $44 to $31 while Morgan Stanley downgraded the company from an Overweight rating to an Equal Weight rating. Janney Capital Markets downgraded the retailer from a Buy rating to a Neutral rating.

Profit taking weighed down shares of NewLink Genetics (Nasdaq: NLNK).

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 leaped 24 points to 1887. Bitcoin eased a fraction to $376.
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