Stocks Open Higher as Investors Mull Economic DAta

July 1, 2009 7:00 AM |
The U.S. economy continued to cut jobs in June, but the pace was slower.  Meanwhile, a drop in crude inventories drove oil prices above the $71 a barrel mark.  The Dow gained 92 points to 8539 while Nasdaq climbed 19 points to 1854.
 

On the upside

Oshkosh Corporation (NYSE: OSK) completed the sale of its Netherlands-based commercial vehicles unit to a private equity firm.

U.K.-based Micro Focus raised its offer for U.S.-based Borland Software (Nasdaq: BORL) to $1.50 a share.

Freddie Mac (NYSE: FRE) received another $6.1 billion in federal funds to shore up its balance sheet.

On the downside

Shares of wireless heart monitor maker CardioNet (Nasdaq: BEAT) tumbled after the company lowered its revenue and profit outlook for the year.

Dow Chemical (NYSE: DOW) announced plans to shut down three Louisiana plants and relocate the jobs at the sites.  The company recently acquired Rohm & Haas for more than $16 billion.

MetroPCS (NYSE: PCS) offered an unlimited international calling plan for $5 a month to open a price war among wireless carriers.   Shares of rival Sprint (NYSE: S) fell.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 6 points to 515.

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