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Upbeat earnings expectations boost markets

Investor expectation for strong earnings boosted the markets to close sharply higher with the Dow vaulting 322 points to 26,115. Nasdaq soared 74 points to 7298.


On the upside


Ichor Holdings (Nasdaq: ICHR) reported preliminary fourth quarter results that topped estimates.


Bargain hunters lifted shares of Eastman Kodak (NYSE: KODK).


Barclays analyst Mark Moskowitz upgraded Pure Storage (NYSE: PSTG) from an Equal Weight rating to an Overweight rating and lifted his price target from $19.00 to $22.00.


On the downside


Aerohive Networks (NYSE: HIVE) warned that fourth quarter revenue would fall short of previous guidance.


A10 Networks (NYSE: ATEN) reported preliminary fourth quarter revenue that missed its prior guidance.


Telsey Advisory Group analyst Cristina Fernandez downgraded Ethan Allen Interiors (NYSE: ETH) from an Outperform rating to a Market Perform rating and cut her price target from $33.00 to $27.00.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 surged 26 points to 2,802. Bitcoin soared $266 to $11,269.


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