The markets continued to rise during the midday after Warren Buffett offered to back municipal bonds. The Dow leaped 217 points to 12,457 while Nasdaq surged 26 points to 2346.
On the upside
GMH Communities Trust (NYSE: GCT) will sell its military housing division for $350 million in cash to a subsidiary of Balfour Beatty PLC. American Campus Communities will purchase GMH's other businesses for approximately $437 million in cash and stock.
Valeant Pharmaceuticals International (NYSE: VRX) reported that a late stage clinical trial of its epilepsy treatment retigabine reduced the frequency of seizures.
Although Nuance Communications (Nasdaq: NUAN) widened first quarter losses, revenue beat expectations and the speech recognition software company forecast second quarter revenue ahead of estimates.
On the downside
NxStage Medical (Nasdaq: NXTM) blamed higher costs for fourth quarter losses that were wider than expected.
Zoltek (Nasdaq: ZOLT) swung to a first quarter profit as sales rose, but the results fell short of expectations.
Dycom Industries (NYSE: DY) cut its forecast for the second quarter as customers reduced spending.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 12 points to 711.
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