Higher open as Chinese markets rebound

A rebound in the Chinese markets lifted domestic markets to a sharply higher open with the Dow leaping 203 points to 17,718. Nasdaq jumped 63 points to 4,973.

On the upside

TechCrunch reported that AOL offered a premium of approximately $300 million to acquire Millennial Media (NYSE: MM).

Shares of 500.com (NYSE: WBAI) soared as the Chinese markets rebounded.

Bargain hunters lifted shares of AirMedia Group (Nasdaq: AMCN).

On the downside

QLogic (Nasdaq: QLGC) warned that first quarter earnings and revenue would fall short of previous guidance.

Coty (NYSE: COTY) will acquire Procter & Gamble's (NYSE: PG) beauty business for approximately $12.5 billion.

Anthera Pharmaceuticals (Nasdaq: ANTH) priced its public offering of more than 3.33 million common shares at the discounted price of $7.50 per share.

In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 1 on the NYSE and by nearly 9 to 1 on Nasdaq. The broader S&P 500 plummeted 24 points to 2070. Bitcoin rose $5 to $269.