Citigroup's Bailout Boosts Markets

Optimism that the federal government's bailout of Citigroup will build confidence in the financial services sector boosted the markets higher during the midday with the Dow leaping 263 points to 8309. Nasdaq jumped 53 points to 1438.

On the upside

Shares of BlackBerry maker Research In Motion (Nasdaq: RIMM) rose with the successful launch of the touch screen BlackBerry Storm.

JPMorgan analyst Mark Moskowitz lifted his sales estimates for Apple's (Nasdaq: AAPL) latest notebooks and raised his earnings estimates for the current quarter.

AT&T (NYSE: T) launched its AT&T U-verse TV and High Speed Internet services in Toledo.

Jefferies & Co. analyst Jeff Farmer ugraded Buffalo Wild Wings (Nasdaq: BWLD) citing the restaurant's valuation.

On the downside

A class action lawsuit was filed against PharmaNet Development Group (Nasdaq: PDGI) alleging that the company artificially inflated the price of its stock through false statements.

A Barron's article suggested that National Financial Partners (NYSE: NFP) will not find a suitor to acquire the insurer and that its stock price is not likely to rebound any time soon.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 17 points to 424.

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