U.S. stocks advance on Dell, Genzyme; Dow Jones up 0.37%

Investing.com – U.S. stocks were up after the open on Wednesday, as a flurry of upbeat earnings reports boosted market sentiment and as markets awaited the minutes of the most recent Federal Reserve policy meeting. 

During early U.S. trade, the Dow Jones Industrial Average climbed 0.37%; the S&P 500 index added 0.37%, while the Nasdaq Composite index was up 0.37%.

The world’s second largest personal computer maker Dell saw shares rally 7.15% after it reported fourth quarter profit jumped 64% to USD927 million. Revenue in the quarter rose 5% to USD15.69 billion, driven by strong corporate sales.

Shares in the world’s largest maker of agricultural equipment Deere & Co. gained 3.44% after it said first quarter revenue increased by 27% to USD6.12 billion, as higher crop prices boosted North American sales of its tractors and combines.

Media giant Comcast saw shares jump 3.31% after it reported better-than-expected fourth quarter earnings and boosted its full-year outlook, as more customers signed up for multiple services and the loss of video subscribers slowed. 

In deal news, biotech firm Genzyme climbed 1.55% after it agreed to be acquired by pharmaceutical giant Sanofi-Aventis in a deal valued at approximately USD20.1 billion. Shares in Sanofi added 0.52% in early trade.

Discount retailer Family Dollar Stores saw shares surge 23.73% after private equity firm Trian Group offered to buy the retailer for approximately USD7.6 billion. 

However, shares in the third largest U.S. office supplies retailer OfficeMax tumbled 6.04% after it said fourth quarter revenue fell 2% to USD1.77 billion. The retailer lowered its 2011 full-year earnings outlook and said it intended to reduce its store numbers in the U.S. by 15.

Following the results, shares in rival Office Depot dropped 3.03%, while Staples saw shares slump 1.35%.

Meanwhile, the second largest U.S. bookstore chain Borders saw shares plunge 23.38% after it filed for bankruptcy protection earlier in the day and announced it would close 30% of its stores “within weeks”.

Across the Atlantic, European stock markets were up. The EURO STOXX 50 jumped 0.84%, France’s CAC 40 gained 0.88%, Germany's DAX was up 0.19%, while Britain's FTSE 100 climbed 0.57%.

Earlier in the day, government data showed that U.S. housing starts rose more-than-expected in January, while building permits fell more-than-expected. Also Wednesday, data showed U.S. producer price inflation rose in line with expectations in January, while a separate report said U.S. industrial production fell unexpectedly in January.  

Later Wednesday, the Federal Reserve was to publish the minutes of its most recent monetary policy meeting.