Markets Open Higher Over Upbeat Earnings

July 23, 2009 6:45 AM |
Upbeat corporate earnings lifted the markets to a higher open with the Dow climbing 61 points to 8943. Nasdaq gained 16 points to 1942.

On the upside

Medarex (Nasdaq: MEDX) will be acquired by Bristol-Myers (NYSE: BMY) in an all cash $2.1 billion deal.

Fifth Third Bancorp (Nasdaq: FITB) reversed year ago losses to swing to a second quarter profit due to the sale of its controlling interest in a processing business.

Although second quarter earnings fell for Thermo Fisher Scientific (NYSE: TMO), revenue topped estimates and the scientific instrument maker lifted its full year earnings and revenue outlook.

On the downside

FreeSeas (Nasdaq: FREE) will offer approximately 8.7 million common shares at $1.80 per share to raise capital.

Cell Therapeutics (Nasdaq: CTIC) plans to offer approximately 29.3 million common shares.

While SanDisk (NYSE: SNDK) swung to a second quarter profit, the memory chip maker forecast third quarter revenue that fell short of expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 531.

Tags:

Search


About this Entry

This page contains a single entry by published on July 23, 2009 6:45 AM.

Mixed Close Over Uneven Earnings was the previous entry in this blog.

Rising Home Sales Boost Markets is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12