Stocks Open Higher as Wholesale Prices Fall

Investors mulled over mixed economic data as October wholesale prices fell which may signal a deflationary trend.   The Dow opened higher rising 25 points to 8298 while the tech-heavy Nasdaq climbed 8 points to 1490.

On the upside

Hewlett-Packard (NYSE: HPQ) boosted its earnings outlook running counter to other technology companies that have slashed their forecasts.

The founder and CEO of Yahoo (Nasdaq: YHOO) will step aside as soon as a successor is selected.

IDM Pharma (Nasdaq: IDMI) received European recommendation for approval of its osteosarcoma treatment.

On the downside

Shares of XTL Biopharmaceuticals (Nasdaq: XTLB) collapsed after the company reported failed clinical trials for its drug treatment of diabetic neuropathic pain.

China-based Ctrip.com (Nasdaq: CTRP) posted higher revenues and earnings, but investors sold off on the travel service provider due to worries about weak demand for leisure travel in a worsening global economy.

Automotive companies pleaded for aid from Washington as shares of General Motors (NYSE: GM) and Ford (NYSE: F) drifted lower.

In the broad market, declining issues outpaced advancers by a slim margin on the NYSE, but were edged out slightly on Nasdaq.  The Russell 2000 which tracks small cap stocks added a point to 453.