Markets Higher In Anticipation Of Financial Rescue Plan

Continued optimism that European leaders will expand the financial rescue plan lifted the markets sharply higher during the midday with the Dow jumping 121 points to 11,537. Nasdaq soared 33 points to 2616.

On the upside

A Seeking Alpha contributor expects Renesola (NYSE: SOL) and Yingli Green Energy (NYSE: YGE) to post profits for the year.


Bargain hunters lifted shares of Gentiva Health Services (Nasdaq: GTIV), whose stock price fell after a series of downgrades last week.


TE Connectivity (Nasdaq: TEL) will replace Cephalon (Nasdaq: CEPH) on the S&P 500 index after Cephalon merges with Teva (Nasdaq: TEVA).

On the downside


ADTRAN (Nasdaq: ADTN) reported higher third quarter earnings but investors were disappointed that the results failed to top analyst estimates.

Platinum Underwriters Holdings (NYSE: PTP) warned of lower third quarter earnings due to claims from Hurricane Irene and the earthquakes that struck Japan and New Zealand.

JP Morgan downgraded Brocade Communications Systems (Nasdaq: BRCD) to an Underweight rating.


In the broad market, advancing issues outpaced decliners by a margin of 9 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 698.

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