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CLOSING BELL: U.S. markets rebound; Pfizer, Michael Kors, Yum! rise; Sirius XM and J.C. Penney fall

After taking a beating yesterday, U.S. Markets bounced back with the Dow Jones Industrial Average (^DJI) finishing the day up over 70 points and the S&P 500 (^GSPC) up nearly 1% for the day.

Pfizer (PFE) was one of the Dow's biggest movers finishing the day up nearly 3% after the pharmaceutical giant was upgraded by Jeffries to buy from hold and the price target was raised to $38 from $33.

One of the days biggest risers was Michael Kors (KORS) which set a new 52-week high and finished the day up over 17% after its earnings beat analysts estimates. Profits surged 77 percent to $1.11 a share beating estimates of 89 cents. Revenue rose 59% to $1.01 billion, beating estimates of $859.94 million. The company benefitted from a strong holiday quarter and strong sales in the U.S. and Europe. The company also raised its full year guidance.

Yum! Brands (YUM) also saw shares rise after the company reported adjusted earnings of 86 cents beating expectations by 6 cents, while revenue edged up just under a percent to $4.18 billion, missing analysts estimates of $4.26 billion. Even with sales in China falling 4 percent and a resurgent bird flu in the country scaring people away from chicken, Yum stuck by its forecast of earnings per share growth of at least 20 percent for the year.

Satellite radio provider Sirius XM (SIRI) didn't fare as well after it missed on earnings finishing the day down 1%. The company reported profits of a cent per share, missing estimates by a penny while revenue rose 12 percent from a year earlier to $1 billion, beating estimates of $981.92 million. The increased revenue can be attributed to the company adding more self-paying subscribers resulting in a record subscriber base of 21-point-1 million.

J.C. Penney (JCP) reported a comparable sales increase of 2 percent, which marked the company's first quarter of growth in two years. The news did not impress investors as JCP shares slid over 10% as analysts were expecting comparable sales to grow 4 percent.

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