Upbeat earnings news sent the markets soaring to a sharply higher close with the Dow jumping 181 points to 12,986. Nasdaq leaped 39 points to 3055.

On the upside

Bloomberg reported that MIPS Technologies (Nasdaq: MIPS) retained the services of Goldman Sachs to explore a possible sale of the company.

“Angry Birds” creator Rovio has engaged Renren (NYSE: RENN) in discussions of explore new methods of distributing their mobile phone game.

Hedge fund Aurelius Capital Management settled a lawsuit that it filed against MBIA (NYSE: MBI).

On the downside

Lions Gate Entertainment (NYSE: LGF) announced that Gary Ross will not direct the sequel to the blockbuster hit “The Hunger Games.”

Cal Dive International (NYSE: DVR) will form a joint venture with Flatiron Construction and Cashman Equipment to develop an offshore wind project in Nantucket Sounds off the coast of Massachusetts.

The Justice Department will continue its antitrust suit against Apple (Nasdaq: AAPL) for conspiracy to raise e-book prices.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 12 points to 808.