– National
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Stocks ended sharply higher Wednesday on strong earnings from Time Warner Inc. and declining oil prices. A big upswing in tech stocks sent the Nasdaq Composite Index up well over 1 percent.
The Dow Jones Industrial Average rose 65.96, or 0.6 percent, to 10,472.73. The Standard & Poor’s 500 Index rose 12, or 1 percent, to 1,214.76. The Nasdaq, lifted by companies including Apple Computer Inc. and Black Box Corp., rose 30.26, or 1.4 percent, to 2,144.31.
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– Local
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Shares of CB Richard Ellis Group Inc. rose 13.6 percent to $56.32 after the Los Angeles-based real estate service company raised its full-year profit forecast, excluding some items, to $2.70 to $2.75 a share beating the $2.63 average analyst estimate. Its third-quarter earnings and revenue results also beat estimates.
International Rectifier Corp. edged up 5.2 percent to $30.71 after Standard & Poor’s Ratings Services said the El Segundo-based firm’s $100 million share repurchase program is not expected to affect the S & P; rating or outlook on the company. S & P; said International Rectifier has been generating good cash flows and maintains ample liquidity, well in excess of total debt. The company announced the repurchase plan on Tuesday.
Ryland Group Inc. gained 4.8 percent to $71.29 after the Dow Jones U.S. Home Construction Index , an indicator of home-building stock activity, rose nearly 5 percent. KB Home jumped 4.8 percent to $68.54.
Shares of Computer Sciences Corp. fell 3 percent to $56.25 after the El Segundo-based computer services company’s stock rating was downgraded to “hold” from “buy” by Deutsche Bank. A day earlier, its shares soared on a report that Lockheed Martin and three private investment firms are considering a $12 billion offer for the company.
IRIS International Inc. sank 2.5 percent to $22.91 after the Chatsworth-based maker of automated urinalysis equipment matched analyst estimates for its third-quarter profit but came in a bit lower with its revenue results. Its full-year and 2006 guidance also was lower than analysts had forecast.
