IMF To Increase European Bailout Fund, Markets Advance

The International Monetary Fund will explore ways to increase the European bailout fund by up to $500 billion. The markets traded higher during the midday with the Dow gaining 63 points to 12,545 while Nasdaq climbed 33 points to 2761.

On the upside

A Seeking Alpha contributor wrote that the solar industry will rebound lifting shares of JA Solar Holdings (Nasdaq: JASO) and Suntech Power Holdings (NYSE: STP).


Linear Technology (Nasdaq: LLTC) reported lower second quarter earnings as revenue slipped but revenue topped analyst estimates and the company forecast third quarter revenue ahead of expectations.

Bargain hunters snapped up shares of Columbia Laboratories (Nasdaq: CBRX), whose stock price plummeted yesterday after the Food and Drug Administration released a staff report saying that the company's preterm birth prevention gel was ineffective.


On the downside


Bank of New York Mellon (NYSE: BK) cited restructuring charges for lower fourth quarter earnings that fell short of analyst expectations.


Shares of Apollo Group (Nasdaq: APOL) fell after Height Analytics warned that the federal government may reduce funding to military personnel that is used to repay education loans.

BancorpSouth (NYSE: BXS) reported lower fourth quarter earnings and announced a public offering of $100 million in common stock.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 775.

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