The markets surged to a sharply higher open with the Dow leaping 205 points to 16,357 as investors snapped up bargains after yesterday’s broad sell-off. Nasdaq soared 45 points to 4,571.
On the upside
Financial Times reported that WebMD (Nasdaq: WBMD) was exploring a possible sale.
Infosys (NYSE: INFY) reported higher third quarter revenue and lifted its full year revenue guidance.
Bargain hunters lifted shares of Freeport-McMoRan (NYSE: FCX).
On the downside
GoPro (Nasdaq: GPRO) warned that fourth quarter revenue would fall far short of expectations and announced that it would eliminate 7% of its workforce.
Shares of Ambarella (Nasdaq: AMBA), which supplies chips to GoPro, tumbled.
B. Riley downgraded Yelp (NYSE: YELP) from a Neutral rating to a Sell rating.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE while advancers edged out decliners by a slim margin on Nasdaq. The broader S&P 500 surged 23 points to 1,913. Bitcoin held steady at $432.
