Markets Rally Against the Odds

The major indexes recovered from sizeable losses mid-day to stage a rebound after yesterday's market rout. Traders are focused on the upcoming earnings season, which looks to be bleak, and U.S. economic numbers, also expected to highlight economic weakness. The market rallied on no apparent reason, but traders attributed late positive sentiment to a positive outlook from DuPont.

DuPont (DD | Quote | Chart | News | PowerRating) rallied 4.7% on Wednesday morning, after raising its earnings outlook for 2007 and profit forecast for 2008 (full story).

Apollo (APOL | Quote | Chart | News | PowerRating) rallied 16.0% after reporting Q1 earnings results which exceeded analyst expectations (full story).

Alliance Technologies (ATK | Quote | Chart | News | PowerRating) fell 3.6% after announcing plans to purchase the space and radar business of a Canadian firm for $1.32 billion (full story).

Helen of Troy (HELE | Quote | Chart | News | PowerRating) fell 14.4% on Wednesday despite beating Q3 profit expectations. The company reduced its full-revenue forecast for 2008 (full story).

Countrywide Financial [CFCCFC] continued to fall after yesterday's blowout. CFC shares were trading lower by 7.0%.

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