Markets Advance On Strong Earnings
January 25, 2013 at 06:01 AM EST
The markets advanced during the midday with the Dow climbing 55 points to 13,881 on strong earnings news. Nasdaq gained 21 points to 3151. On the upsideNetflix (Nasdaq: NFLX) stock continued rising after reporting an unexpected profit for the fourth quarter Wednesday after market close.Molycorp (Nasdaq: MCP) priced its public offering of 37.5 million common shares at the discounted price of $6.00 per share but the stock price rose.Bargain hunters snapped up shares of Cirrus Logic (Nasdaq: CRUS), whose stock price fell yesterday on a disappointing forecast.On the downsideConcerns that Ctrip.com International (Nasdaq: CTRP) will begin offering rebate coupons for airfares weighed down shares of the travel services firm. Shares of AuRico Gold (NYSE: AUQ), Eldorado Gold (NYSE: EGO) and Kinross Gold (NYSE: KGC) fell as gold prices retreated.Ship Finance International (Nasdaq: SFL) will offer $250 million in convertible senior notes.In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 7 on the NYSE and by nearly 5 to 4 on Nasdaq. The broader S&P 500 index rose 7 points to 1501.
