US SMALL/MIDCAPS-Earnings help lift stocks

NEW YORK, July 23 (BestGrowthStock) – Mid- and small-cap stocks
rose on Friday as better-than-expected corporate earnings
continued to support the market.

Align Technology Inc (ALGN.O: ) rose 15.4 percent after the
orthodontic product maker posted quarterly results that beat
estimates and forecast a sunny outlook for the third quarter.

Shares in Riverbed Technology Inc (RVBD.O: ) rose 14.1
percent and touched a year high after growth in product revenue
boosted its earnings. It also guided its third quarter above
Wall Street’s view. [ID:nSGE66L0QS]

Terry Morris, a fund manager at National Penn Investors
Trust Company in Reading, Pennsylvania, said earnings above
expectations were welcome but said there were still many
companies boosting the bottom line by cutting costs.

“The theme is the same whether it’s small mid or large —
companies seem to be continuing to meet or exceed expectations
but through cost-cutting rather than top line growth, although
I think it’s improving,” he said.

The S&P MidCap 400 index (.MID: ) rose 1.5 percent while the
S&P SmallCap 600 index (.SML: ) advanced 2.1 percent. In
comparison, the benchmark S&P 500 (.SPX: ) gained 0.8 percent.

Acquisitions also helped stocks. Shares of oil and gas
explorer Quicksilver Resources Inc (KWK.N: ) rose 2.9 percent to
$13.12 a day after the company agreed to sell its limited
partnership in a deal that will help reduce its debt.

However, there were also some misses. Qlogic Corp (QLGC.O: )
fell 16.4 percent to $15.76 after the network equipment maker
posted a first-quarter profit (Read more your timing to make a profit.) that beat analysts’ expectations
by a cent, but revenue trailed Wall Street’s forecast.

Rosetta Stone (RST.N: ), the language software provider, fell
14.3 percent to $21.86 after it forecast weak second-quarter
sales, hurt by a slower-than-expected U.S. consumer business.

Shares of Lender Processing Services Inc (LPS.N: ) fell 6.7
percent to $31.99. The company posted an in-line quarterly
profit but forecast third-quarter profit (Read more your timing to make a profit.) below analysts’
expectations and cut 2010 revenue outlook. [ID:nSGE66M0II]

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(Reporting by Edward Krudy; Editing by Dan Grebler)

US SMALL/MIDCAPS-Earnings help lift stocks