Upbeat earnings news sent the markets soaring to a sharply higher open with the Dow surging 130 points to 15,570. Nasdaq leaped 40 points to 4052.
On the upside
Coca-Cola (NYSE: KO) will pay approximately $1.25 million for a 10% stake in Green Mountain Coffee Roasters (Nasdaq: GMCR) and the two companies will jointly develop a single serve cold drink machine similar to the Keurig brewer.
Glu Mobile (Nasdaq: GLUU) narrowed fourth quarter losses more than expected as revenue soared.
Akamai Technologies (Nasdaq: AKAM) reported sharply higher fourth quarter earnings that topped analyst expectations as revenue rose.
On the downside
Fourth quarter revenue surged for Twitter (NYSE: TWTR) but the company widened fourth quarter losses and added users at a slower than expected pace.
Atmel (Nasdaq: ATML) reversed year ago losses to post a profit the fourth quarter but the results fell short of expectations.
Pandora Media (NYSE: P) reported sharply higher fourth quarter earnings and revenue that topped analyst estimates but the company forecast current quarter and full year results below expectations.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 gained 13 points to 1765. Bitcoin fell $75.98 or 8.92% to $852.02.
