Markets surge as China factory activity expands

The markets surged during the midday with the Dow rocketing 263 points to 16,725 over upbeat earnings and the expansion of factory activity in China. Nasdaq leaped 81 points to 4,464.

On the upside

Dana Holding (NYSE: DAN) reported higher third quarter earnings that beat analyst expectations prompting the company to lift its full year earnings outlook.

Second quarter earnings slipped for 8x8 (Nasdaq: EGHT) but the results were better than expected.

Select Comfort (Nasdaq: SCSS) reported higher third quarter earnings and revenue that surpassed analyst estimates and raised its full year earnings guidance.

On the downside

Alcobra (Nasdaq: ADHD) released updated Phase III study results for its attention deficit hyperactivity disorder treatment MDX that contradicted results that were announced on October 6.

Air Methods (Nasdaq: AIRM) warned that third quarter earnings would fall short of previous guidance.

Ultratech (Nasdaq: UTEK) reported a greater than expected loss for the third quarter.

In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The broader S&P 500 jumped 29 points to 1956. Bitcoin lost $18 to $361.
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