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Higher Close On Upbeat Earnings

The markets closed higher with the Dow rising 23 points to 13,228 on upbeat earnings news. Nasdaq gained 18 points to 3069.

On the upside

Cray (Nasdaq: CRAY) swung to a better than expected profit for the first quarter as revenue more than doubled prompting the company to raise its full year guidance.

Fortune Brands Home & Security (NYSE: FBHS) reversed year ago losses to post a stronger than expected profit for the first quarter and lifted its full year earnings outlook.

Jazz Pharmaceutical (Nasdaq: JAZZ) will pay approximately $700 million to acquire privately held cancer treatment maker EUSA Pharma.

On the downside

Zynga (Nasdaq: ZNGA) fell to a first quarter loss due to stock compensation expenses.

Maxwell Technologies (Nasdaq: MXWL) swung to a profit for the first quarter but revenue missed estimates.

Silicon Motion Technology (Nasdaq: SIMO) reported higher first quarter earnings that beat analyst expectations but the company forecast current quarter and full year revenue below estimates.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 825.

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