Per-share earnings were $1.30, higher than even the most optimistic analysts had predicted.

This may have reflected the sentiment of more optimistic analysts, who found the March data quite consistent with expectations for steady, if subdued, recovery.

But the big surprise was the 12.9 percent rise in new home sales, an increase that more than double the gain optimistic analysts were expecting.

But even the most optimistic analysts doubt such a frenzy will be repeated.

But a small number of optimistic analysts point to signs of progress that have often been overlooked at the 103-year-old company.

Diversification The future looks brighter too, the company said, predicting sales and earnings in line with the most optimistic analysts' expectations.

And even the most optimistic analysts do not expect the drought of new treatments to end before the end of this decade.

The rally comes on the heels of an unexpected surge in the economy that has caught all but the most optimistic analysts by surprise.

Mr. Bahrenburg may be one of the more optimistic analysts.

Nasdaq stocks defied the decline, led by Intel, which ended up 4, at 75 1/2, a day after an optimistic analysts' meeting.