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Midday Report: Tech Earnings Boost Nasdaq; Under Armour Rallies

U.S. stocks were higher after a series of positive tech earnings from the likes of Facebook (FB) and PayPal (PYPL) boosted the Nasdaq.

U.S. stocks were higher after a series of positive tech earnings from the likes of Facebook (FB) and PayPal (PYPL) boosted the Nasdaq on Thursday. However, markets were off session highs as the biotech sector sold off. Crude oil jumped on reports Russia has spoken with Saudi Arabian officials to cut production by up to 5 percent. Reports also suggest members and non-members of OPEC will sit down soon to discuss strategy in a weaker commodities environment. Caterpillar (CAT) jumped after issuing a solid profit forecast for the full year despite softer demand for mining and oil equipment. Under Armour (UA) was having one of its best days since the beginning of 2014 after exceeding fourth-quarter expectations. Footwear sales doubled in the fourth quarter, while apparel sales climbed 22 percent. TheStreet's Keris Lahiff reports from Wall Street.

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