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Strong Earnings Boost Markets

Strong corporate earnings boosted the markets during the midday with the Dow soaring 114 points to 16,563. Nasdaq surged 46 points to 4,168.

On the upside

Morgan Stanley initiated coverage of GW Pharmaceuticals (Nasdaq: GWPH) with an Overweight rating and a price target of $103.

First quarter earnings dropped for Rent-A-Center (Nasdaq: RCII) but the results were better than expected and the company forecast full year earnings ahead of estimates.

Robert W. Baird lifted its price target on Sarepta Therapeutics (Nasdaq: SRPT) from $35 to $55.

On the downside

A Seeking Alpha article said that Arotech (Nasdaq: ARTX) was worth only $2 per share.

First quarter earnings soared for Pentair (NYSE: PNR) but revenue fell to miss analyst expectations.

RadioShack (NYSE: RSH) executive vice president of store operations Troy Risch resigned.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 climbed 12 points to 1884. Bitcoin eased $0.60 or 0.12% to $487.90.

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