Despite disappointing earnings and soaring unemployment, the markets rose during the midday as bargain hunters snapped up stocks. The Dow climbed 159 points to 8855 while Nasdaq gained 28 points to 1637.
On the upside
Fuel Systems Solutions (Nasdaq: FSYS) reported sharply higher third quarter earnings that beat expectations prompting the company to lift its full year outlook.Fidelity National Financial (NYSE: FNF) will acquire competitor LandAmerica Financial Group (NYSE: LFG) in an all stock deal valued at approximately $128.4 million.
HSBC upgraded Turkcell (NYSE: TKC) after the Turkish mobile communications services provider reported increased third quarter earnings.
On the downside
Although Delta Petroleum (Nasdaq: DPTR) swung to a profit for the third quarter, Deutsche Securities downgraded the stock after Tracinda abandoned its plans to purchase 14 million shares of the oil and gas company.
General Motors (NYSE: GM) reported a wider than expected loss for the third quarter and warned that the automaker may run out of cash next year.
Sprint (NYSE: S) swung to a third quarter loss after losing 1.3 million wireless subscribers.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 5 points to 501.
