Bargain Hunters Lift Markets To Modestly Higher Open

On the upside

Italy's only telecom selected Alvarion (Nasdaq: ALVR) to deploy a nationwide wireless network.

LabCorp will pay approximately $106.7 million to acquire Monogram Biosciences (Nasdaq: MGRM).

Standard & Poor's will replace Tyco Electronics (NYSE: TEL), which is being reincorporated in Switzerland, with MetroPCS (NYSE: PCS) on the S&P 500 index.

On the downside

Rambus (Nasdaq: RMBS) cut its second quarter revenue forecast and warned of higher litigation expenses.

Although fourth quarter earnings for Smith & Wesson (Nasdaq: SWHC) more than doubled to beat expectations, the firearms maker said that order backlogs will fall in the first quarter.

Boeing (NYSE: BA) once again postponed the initial test flight of its next generation 787 jetliner saying that a section of the aircraft must be reinforced.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 2 points to 495.