Gains extended on strong earnings

The markets extended its gains during the midday with the Dow leaping 226 points to 16,427 as corporate earnings impressed. Nasdaq rose 9 points to 4,743.

On the upside

Expectations for record sales of new iPhones this weekend sent shares of iPhone audio chip supplier Cirrus Logic (Nasdaq: CRUS) soaring.

Bloomberg reported that former Performance Sports Group (NYSE: PSG) chair W. Graeme Roustan is exploring a possible transaction to take the company private.

2U (Nasdaq: TWOU) priced its public offering if 3.5 million common shares at $34.00 per share.

On the downside

Aratana Therapeutics (NYSE: PETX) said that post-licensing marketing studies of canine lymphoma products AT-004 and AT-005 will not fully capture market opportunities.

Internap (Nasdaq: INAP) forecast third quarter revenue below estimates and trimmed its full year outlook.

Sysorex Global Holdings (Nasdaq: SYRX) will offer common shares through a public offering.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE while decliners edged out advancers by more than 10 to 9 on Nasdaq. The broader S&P 500 climbed 19 points to 1,952. Bitcoin edged up to $234.