Stocks Open Higher on Corporate Profit Optimism
On the upside
Chip giant Intel (NYSE: INTC) posted lower revenues and a modest loss that beat expectation. Without the fine imposed by the EU, the company would have posted a profit. Shares of rival Advanced Micro Devices (NYSE: AMD) also rose.
The financial services sector scored gains with shares of Goldman Sachs (NYSE: GS) and Wells Fargo (NYSE: WFC) edging higher.
Shares of Targacept (Nasdaq: TRGT) surged after the drug research company reported positive mid-stage results for its treatment of depression.
Gannett (NYSE: GCI) posted lower revenues, but managed to eke out a profit. Investors were surprised by the results in an industry that had been buffeted by reduced newspaper readership.
On the downside
Mutual fund company Janus Capital Group (NYSE: JNS) reported lower profits while replacing its CEO.
Data storage company 3Par (NYSE: PAR) posted quarterly results that missed estimates citing lower demand for its products.
Shares of CoBiz Financial (Nasdaq: COBZ) extended losses after issuing more shares to raise $57 million.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by a margin of more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 6 points to 503.
