U.S. stocks rose Monday, ending at their highest in three months, as better-than-anticipated corporate earnings and diminished concern about Europe’s debt troubles heartened sentiment. The Dow Jones Industrial Average DJIA +0.16% rose 21.34 points, or 0.2%, to 13,117.51, its highest close since May 3. At its highs of the day, the Dow was up 91 points. The S&P 500 index climbed ended up 3.24 points, or 0.2%, at 1,394.23 and The Nasdaq Composite rose 22.01 points, or 0.7%, to 2,989,91, its highest since May 3.
Sirius XM Radio Inc (NASDAQ:SIRI) shares gained 2.55% to $2.21. Maxim Group reissued their buy rating on shares of Sirius XM Radio in a report released on Friday. Additionally, the company will unveil its latest earnings on Tuesday, August 7, 2012. The average analyst estimate is for net income of $0.02 per share, a decline of 33.3% from the company’s actual earnings for the year-ago quarter.
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Sohu.com Inc. (NASDAQ:SOHU) stock soared 17.18% to $40.66 after the company posted second-quarter net income of $12.78 million or $0.28 per share from $44.27 million or $1.10 per share in the previous year. On a per share basis, adjusted net income attributable to the company totaled $0.42. Adjusted earnings attributable to the company totaled $1.21 per share in the prior-year quarter. Total revenues increased to $255.73 million from $198.71 million a year earlier. Analysts expected earnings of $0.39 per share on revenues of $248.09 million.
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Changyou.com Limited(ADR) (NASDAQ:CYOU) stock soared 16.16% to $22.50 after the company and its majority shareholder, Sohu.com jointly announced that Changyou's majority-owned web games subsidiary 7Road.com Limited ("7Road") plans to submit on a confidential basis to the U.S. Securities and Exchange Commission (the "SEC") a draft registration statement for a possible initial public offering (or "IPO") of American Depositary Shares (or "ADSs") representing ordinary shares of 7Road. The number and dollar amount of ADSs proposed to be offered and sold have not yet been determined.
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Career Education Corp. (NASDAQ:CECO) stock soared 13.31% to $3.49. The stock of CECO has been downgraded by TheStreet Ratings from hold to sell. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
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Nam Tai Electronics, Inc. (NYSE:NTE) stock climbed 12.18% to $7 after the company reported second-quarter net income of $9.4 million, or $0.21 per share, up from $3.0 million or $0.07 per share in the second quarter of last year. Sales in the second quarter of 2012 were $205.1 million, an increase of 62.8%, as compared to sales of $126.0 million for the same quarter of 2011.