Stocks Open Higher on Oil Sector Gains

October 12, 2009 6:45 AM |
Investors expected a light day of trading for the Columbus Day bank holiday.  Meanwhile, oil prices topped the $73 a barrel mark to boost the oil sector. The Dow rose 43 points to 9908 while Nasdaq climbed 12 points to 2151.

On the upside 

Private equity firm Blackstone Group (NYSE: BX) announced plans to list up to eight of its portfolio companies for initial public offerings.

An analyst upgraded Advanced Micro Devices (NYSE: AMD).

Black & Decker (NYSE: BDK) raised its 3rd quarter profit outlook due to stronger sales.

On the downside

Digital River (Nasdaq: DRIV), which provide online sales provider, lost its largest customer Symantec (Nasdaq: SYMC) which decided to take sales operations inhouse.

Depomed (Nasdaq: DEPO) announced disappointing late stage results for its hot flash drug candidate.

The SEC opened another accounting inquiry into KB Home (NYSE: KBH).  There were no additional comments by the SEC or the company.

In the broad market, advancing issues outpaced decliners by a margin of 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The S&P 500 rose 2 points to 1073.

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