On the upside

Cytokinetics (Nasdaq: CYTK) will receive $50 million from Amgen (NYSE: AMGN) in order to exercise Amgen's exclusive global rights to Cytokinetics' heart drugs.

Lazard Capital Markets upgraded Yingli Green Energy (NYSE: YGE).

Morgan Stanley analyst Kathryn Huberty upgraded Apple (Nasdaq: AAPL) citing the success of the iPhone and expects margins to rise.

On the downside

First quarter earnings for Giant Interactive Group (NYSE: GA) plunged as revenue tumbled.

Regions Financial's (NYSE: RF) Morgan Keegan unit lost several arbitration cases.

FBR analyst Mehdi Hosseini downgraded First Solar (Nasdaq: FSLR) citing falling polysilicon prices and lower demand.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 19 points to 497.