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Drop In Mortgage Rate Lifts Markets

Mortgage rates dropped to record lows to boost the markets during the midday with the Dow gaining 83 points to 11,907. Nasdaq added 8 points to 2547.

On the upside

Rite Aid (NYSE: RAD) narrowed third quarter losses as revenue climbed.   

Delta Air Lines (NYSE: DAL) said yesterday at its 2011 Investor Day conference that 2011 earnings are expected to be $800 million. 

The Centers for Medicare and Medicais Services reaffirmed its coverage of ZOLL Medical’s (Nasdaq: ZOLL) LifeVest Wearable Defibrillator.

On the downside

Sterne Agee downgraded Deckers Outdoor (Nasdaq: DECK) to an Underperform rating. 

The impending expiration of ethanol subsidies at the end of the year weighed down shares of Pacific Ethanol (Nasdaq: PEIX). 

VeriFone Systems (NYSE: PAY) reported sharply higher fourth quarter earnings as revenue soared but the electronic payment systems company forecast current quarter results below estimates.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 716.

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