The markets advanced during the midday with the Dow climbing 79 points to 9259 despite a drop in consumer spending as income increased. Nasdaq gained 14 points to 1713.
On the upside
Gramercy Capital (NYSE: GKK) reported higher third quarter funds from operations that surpassed expectations and increased its liquidity by withdrawing its third quarter dividend.Shares of Research in Motion (Nasdaq: RIMM) climbed after Motley Fool gave three reasons to purchase the maker of the Blackberry.
Robert W. Baird upgraded (Nasdaq: PDGI) PharmaNet Development Group after the company reported lower earnings that topped estimates.
On the downside
Electronic Arts (Nasdaq: ERTS) widened third quarter losses despite higher revenue, announced the elimination of approximately 540 positions and lowered its full year outlook.
JPMorgan cited weak operating margins for downgrading CommScope (NYSE: CTV).
Carnival (NYSE: CCL) announced the suspension of its first quarter dividend in order to preserve cash.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 12 points to 526.
