Strong earnings send markets soaring

Strong corporate earnings sent the markets soaring to a sharply higher open with the Dow leaping 250 points to 17,891. Nasdaq jumped 80 points to 4,745.

On the upside

A federal judge granted Netlist's (Nasdaq: NLST) request for an injunction against Diablo Technologies from manufacturing, using, distributing or selling high-speed controller chips used by SanDisk (Nasdaq: SNDK) and other major computer manufacturers.

Pharmacyclics (Nasdaq: PCYC) reported preliminary product revenue for Imbruvica and forecast 103% increase in product revenue for 2015.

Emulex (Nasdaq: ELX) reported preliminary second quarter earnings and revenue that surpassed its previous guidance.

On the downside

ChannelAdvisor (NYSE: ECOM) warned that fourth quarter revenue would fall short of expectations prompting downgrades.

Beneficial Bancorp (NYSE: BNCL) completed the conversion of Beneficial Bank from a mutual holding company into a stock holding company.

California is investigating Ocwen Financial (Nasdaq: OCN) for possible violations of the California Homeowners Bill of Rights and the California Residential Mortgage Lending Act.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by 7 to 2 on Nasdaq. The broader S&P 500 jumped 26 points to 2054. Bitcoin fell $35 to $231.
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