Another Late Run Lifts Stocks

Earnings were in focus thanks to several solid reports. Following the previous close, Starbucks (SBUX Quote - Cramer on SBUX - Stock Picks) reported in-line results but finished 1% lower to $26.92.

Disney (DIS Quote - Cramer on DIS - Stock Picks) and Electronic Arts (ERTS Quote - Cramer on ERTS - Stock Picks) also posted results after the last close. Disney topped analysts' estimates and announced the acquisition of Club Penguin, a virtual community for kids. Disney tacked on 53 cents, or 1.6%, to $34.36.

Meanwhile, Electronic Arts posted a loss that still beat expectations, but the video-game maker offered weak fiscal second-quarter guidance. Still, shares rose $3.46, or 7.2%, to $51.56.

Among the new day's stocks making headlines, Nokia (NOK Quote - Cramer on NOK - Stock Picks) said its second-quarter revenue jumped 28% and earnings beat expectations. The stock jumped $2.49, or 8.8%, to $30.90.

Nortel (NT Quote - Cramer on NT - Stock Picks) lost 7 cents a share in its most recent quarter, but that was a penny less than analysts anticipated. Revenue declined slightly year over year to $2.56 billion. Nortel tumbled $1.25, or 5.8%, to $20.49.

Viacom (VIA.B Quote - Cramer on VIA.B - Stock Picks), Starwood Hotels (HOT Quote - Cramer on HOT - Stock Picks), CVS (CVS Quote - Cramer on CVS - Stock Picks) and NYSE Euronext (NYX Quote - Cramer on NYX - Stock Picks) also had profit numbers that were better than expected.

As fears that M&A activity would dry up permeated throughout the market, Fiserv (FISV Quote - Cramer on FISV - Stock Picks) announced an all-cash bid to acquire Checkfree (CKFR Quote - Cramer on CKFR - Stock Picks) for $4.4 billion, or $48 a share. Checkfree surged $8.57, or 23.3%, to close at $45.40.

Elsewhere, Dell (DELL Quote - Cramer on DELL - Stock Picks) said it will purchase the ASAP Software unit of Corporate Express (CXP Quote - Cramer on CXP - Stock Picks) for $340 million. Shares of Corporate Express gained 10 cents, or 0.7%, to $13.69.

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