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Mid-Day Report

The markets surged during the midday after JPMorgan upped its bid for Bear Stearns. The Dow leaped 213 points to 12,574 while Nasdaq jumped 66 points to 2324.

On the upside

Shares of Synplicity (Nasdaq: SYN) surged after announcing that Synopsys (Nasdaq: SNPS) will purchase the software company for approximately $227 million.

CIT Group (NYSE: CIT) stock soared on news that JPMorgan (NYSE: JPM) upped its bid for Bear Stearns (NYSE: BSC) to $10 per share from $2 per share.

Borders Group (NYSE: BGP) retained the services of JPMorgan and Merrill Lynch to explore the possible sale of the company.

On the downside

In order to increase its liquidity, Aircastle (NYSE: AYR) cut its quarterly dividend.

The Centers for Medicare and Medicaid Services announced lower reimbursements for diabetic supplies sending shares of Medco Health Solutions (NYSE: MHS) tumbling.

Fannie Mae (NYSE: FNM) reported higher delinquencies in their single family home business in January.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 23 points to 704.

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