Stocks Open Higher on Solid Corporate Earnings

August 13, 2009 6:45 AM |
The markets opened higher on better than expected results from Wal-Mart Stores.  However, investor enthusiasm was curbed by a higher jobless claims report and 0.1% drop in July retail sales mostly due to falling gasoline prices.  The Dow added 6 points to 9357 while Nasdaq edged up 3 points to 2002.

On the upside

Wal-Mart Stores (NYSE: WMT) posted flat 2nd quarter earnings that beat expectations and raised the low end of its profit outlook for the year.

Communications and information technology company Harris Corp. (NYSE: HRS) posted a sizable 4th quarter loss, but investors saw past the one-time charges and focused on higher revenues.

Shares of BioSante Pharmaceuticals (Nasdaq: BPAX) surged after the company reported positive late stage results for its testosterone gel for women.

Shares of Bank of America (NYSE: BAC) rose after John Paulson's hedge fund took a significant stake in the company.

On the downside

LDK Solar (NYSE: LDK) posted a 2nd quarter loss due to inventory charges.  An analyst promptly downgraded the stock to "sell".

Chinese online gaming operator Netease (Nasdaq: NTES) reported earnings that beat estimates, but warned that its margins may be squeezed by higher marketing and personnel costs. 

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 573.

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