Europe Further Integrates Economies, Markets Soar

European governments agreed to further integrate their economies in order to resolve the debt crisis. The markets continued rising with the Dow surging 173 points to 12,171. Nasdaq jumped 47 points to 2643.

On the upside

KeyBanc Capital Markets analyst Akshay Jagdale said that an audit committee investigation at Diamond Foods (Nasdaq: DMND) should be resolved quickly with the company unlikely to restate financials.   

Cooper Cos. (NYSE: COO) reported higher fourth quarter earnings that surpassed analyst estimates and forecast 2012 results ahead of expectations. 

First quarter earnings for Pall (NYSE: PLL) beat analyst expectations as revenue rose.

On the downside

The Justice Department planned to establish that Transocean (NYSE: RIG) engaged in willful misconduct in activities related to the Deepwater Horizon oilspill last year. 

Global Hunter Securities and RBC Capital both downgraded Pharmacyclics (Nasdaq: PCYC). 


Cell Therapeutics (Nasdaq: CTIC) will sell $20 million worth of preferred stock to two institutional investors.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 19 points to 741.

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