The markets traded higher during the midday as better than expected growth in the first quarter boosted investor sentiment. The Dow gained 77 points to 12,671 while Nasdaq climbed 22 points to 2509.
On the upside
MasterCard (NYSE: MA) affirmed its previous guidance for 12 to 15 percent net revenue growth with 20 to 30 percent average annual profit growth.Higher same store sales boosted first quarter earnings for Big Lots (NYSE: BIG) to surpass estimates prompting the closeout retailer to lift its full year guidance.
Genesco (NYSE: GCO) reported sharply higher first quarter earnings due mainly to a settlement after Finish Line backed out of an agreement to purchase Genesco.
On the downside
Infineon Technologies (NYSE: IFX) blamed disappointing sales of wireless products for lowering its third quarter revenue guidance.Despite sales that tripled from last year, Navios Maritime (NYSE: NM) reported lower first quarter earnings that fell short of expectations as expenses surged.
Sailing New Energy Resoureces will supply Yingli Green Energy (NYSE: YGE) with polysilicon. Details of the contract were not disclosed.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks rose 6 points to 744.
