Mid-Morning Market Update: Markets Rally; Citrix Lowers Q3 Outlook

Following the

Thursday, the Dow traded up 1.14 percent to 14,971.42 while the NASDAQ surged 1.51 percent to 3,733.33. The S&P also rose, gaining 1.25 percent to 1,677.06.

Yesterday, Citrix Systems

lowered its forecast for the third quarter. The company projects adjusted earnings of $0.68 to $0.69 per share on revenue of $710 million to $712 million. However, analysts were expecting earnings of $0.73 per share on revenue of $737 million.

PVR Partners LP

shot up 13.81 percent to $25.96 after Regency Energy Partners

announced its

PVR Partners for $5.6 billion. Shares of Questcor Pharmaceuticals

got a boost, shooting up 6.74 percent to $58.28 after the company

by 20%. iGATE

was also up, gaining 4.41 percent to $28.81 after the company reported upbeat Q3 results.

Shares of Citrix Systems

were down 11.49 percent to $59.00 after the company lowered its forecast for the third quarter. Ariad Pharmaceuticals

shares tumbled 5.85 percent to $5.4890 Barclays downgraded the stock from Overweight to Underweight and lowered the target price from $25 to $4. Bank of America also

from Buy to Neutral. Regency Energy Partners LP

was down, falling 4.17 percent to $26.67 after the company announced its plans to buy PVR Partners for $5.6 billion.

In commodity news,

to $101.72, while gold traded down 0.62 percent to $1,299.10. Silver traded up 0.20 percent Thursday to $21.94, while copper fell 0.09 percent to $3.23.

European shares

today. The Spanish Ibex Index rose 1.81 percent, while Italy's FTSE MIB Index surged 1.85 percent. Meanwhile, the German DAX rose 1.31 percent and the French CAC 40 climbed 1.79 percent while U.K. shares gained 0.83 percent.

US jobless claims rose 66,000 to 374,000 for the week ended October 5. However, economists were projecting claims to increase to 312,000, versus an unrevised 308,000 in the earlier week. The Bloomberg Consumer Confidence index declined to -29.70 for the week ended for October 6, versus a prior reading of -29.40. The Treasury is set to auction 30-year bonds. Data on money supply will be released at 4:30 p.m. ET.