Markets Open Higher Despite Falling Home Prices
On the upside
Amylin Pharmaceuticals (Nasdaq: AMLN) reported upbeat results from a late stage clinical trial of its once-a-week diabetes medication exenatide LAR.
Although fourth quarter earnings for TBS International (Nasdaq: TBSI) slipped, revenue rose.
Lincoln National (NYSE: LNC) reassured investors that it will pay $500 million in debt on time and in full.
On the downside
The Food and Drug Administration refused to review Acorda Therapeutics' (Nasdaq: ACOR) multiple sclerosis treatment fampridine citing format issues.
Lennar (NYSE: LEN) blamed the extended housing slump and economic turmoil for widening first quarter losses.
Shares of General Motors (NYSE: GM) continued falling over bankruptcy fears.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 419.
