Jobless Claims Drop, Markets Advance

The markets advanced during the midday with the Dow climbing 77 points to 16,437 as jobless claims dropped more than expected. Nasdaq added 3 points to 4361.

On the upside

Energy Recovery (Nasdaq: ERII) reversed year ago losses to post a better than expected profit for the fourth quarter as revenue surged.

Infosonics (Nasdaq: IFON) swung to a profit for the fourth quarter as revenue soared.

Yingli Green Energy (NYSE: YGE) received the Barbarian at the Gate designation from Trade-Ideas.

On the downside


Brower Piven filed a class action lawsuit against Galena Biopharma (Nasdaq: GALE) alleging securities violations.

Investors locked in profits on xG Technology (Nasdaq: XGTI).

Fourth quarter earnings tumbled for AirMedia (Nasdaq: AMCN) as revenue slipped.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The broader S&P 500 rose 5 points to 1879. Bitcoin slipped $9.90 or 1.50% to $649.52.

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