On the upside

Time Warner (NYSE: TWX) will take a 31% stake in Central European Media Enterprises (Nasdaq: CETV) for $241.5 million.

Shares of Hovnanian Enterprises (NYSE: HOV) rose after the National Association of Realtors reported higher existing home sales last month.

Privately held Stiefel Laboratories retained the services of Blackstone Group (NYSE: BX) to find suitors for the pharmaceutical.

Shares of Lloyds Banking Group (NYSE: LYG) and Barclays (NYSE: BCS) both soared after the U. S. government announced plans to remove up to $1 trillion in toxic assets from troubled banks.

Broadcom (Nasdaq: BRCM) introduced two new low power solutions for its digital signal processing technology.

Citi Investment Research analyst Jim Suva upgraded Corning (NYSE: GLW) saying that consumer demand will increase.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 20 points to 420.