Stocks Open Higher on Cautious Buying

The markets stabilized as bargain hunters looked for oversold stocks.  Meanwhile, gasoline prices fell below $2 a gallon.  The Dow rose 77 points to 7629 while Nasdaq jumped 21 points to 1334.

On the upside

Citigroup (NYSE: C) announced plans to sell pieces of itself or in a whole.  The stock edged higher after sinking below $5 a share yesterday.

Bank of New York Mellon (NYSE: BK) announced plans to cut 1800 jobs or 4% of its workforce in order to cut expenses.

Wal-Mart Stores (NYSE: WMT) named a successor to Lee Scott, the company CEO.   Mike Duke is currently head of its international division.

On the downside

Shares of Foot Locker (NYSE: FL) lost their footing after missing 3rd quarter profits expectations while the outlook for the shoe and apparel company dimmed.

Design software maker Autodesk (Nasdaq: ADSK) projected lower 4th quarter earnings versus year-ago levels.

Chemical maker Celanese (NYSE: CE) withdrew its guidance for the year due to weak global demand, particularly in Asia.  Analysts promptly downgraded the stock.

In the broad market, advancing issues outpaced decliner by a margin of more than 5 to 3 on the NYSE and by 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks added a point to 386.