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China Cuts Interest Rate, Markets Soar

China's central bank unexpectedly cut a key interest rate to lift the markets to a higher open with the Dow soaring 108 points to 12,523. Nasdaq gained 14 points to 2859.

On the upside

Davenport & Co. analyst Drake Johnstone upgraded RF Micro Devices (NYSE: RFMD) to a Buy rating.

McDermott International (NYSE: MDR) chief executive Stephen M. Johnson, a senior vice president and two directors purchased approximately $2.6 million worth of company stock.

Magnum Hunter (NYSE: MHR) chairman and chief executive Gary C. Evans presented at Citi's 2012 Global Energy Conference yesterday after market close.

On the downside

First quarter earnings climbed for Lululemon Athletica (Nasdaq: LULU) as revenue soared but the athletic apparel retailer forecast current quarter as well as full year results below analyst expectations.

Molina Healthcare (NYSE: MOH) withdrew its full year outlook saying that costs in Texas may exceed revenue from premiums.

Navistar (NYSE: NAV) fell to a loss for the second quarter and cut its full year outlook for the second time.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 767.

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