The nation's service sector expanded more than expected to lift the markets higher during the midday with the Dow rising 20 points to 10,656. Nasdaq gained 11 points to 2294.
On the upside
Dendreon (Nasdaq: DNDN) widened second quarter losses as operating expenses soared but sales of its recently approved prostate cancer drug Provenge surged to over $5 million per month.
Stone Energy (NYSE: SGY) reported higher second quarter earnings that beat analyst expectations by a wide margin.
InterOil (NYSE: IOC) announced a joint venture with Mitsui & Co. to develop a Condensate Stripping Plant in Papua New Guinea.
On the downside
Leap Wireless (Nasdaq: LEAP) disappointed with a wider than expected loss for the second quarter.
Second quarter earnings doubled for RehabCare Group (NYSE: RHB) but the hospital operator lowered its 2010 revenue outlook for its hospital division.
Whole Foods Market (Nasdaq: WFMI) reported higher third quarter earnings but the organic grocery store operator forecast slower growth in 2011.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 661.
