Stocks Open Higher on Positive Retail Sales Report

On the upside

Cisco Systems (Nasdaq: CSCO) raised its bid for Norway's Tandberg which makes videoconferencing equipment from $3 billion to $3.4 billion.

Shares of Landry's Restaurants (NYSE: LNY) rose after one of its largest shareholders opposed the sale of the hotel, casino and restaurant operator to the company's CEO.

An analyst upgraded United Rentals (NYSE: URI) which rents construction equipment.

On the downside

Shares of Poniard Pharmaceuticals (Nasdaq: PARD) collapsed after the company reported disappointing late-stage results for its cancer drug candidate.

American Dairy (NYSE: ADY) posted higher revenues and a modest income while converting debt notes to equity.  Investors took profits on the China-based maker of infant formula and soybean products.

Universal Travel Group (NYSE: UTA) reported higher revenues and earnings slipped.  The company provides ticketing and travel packages in China.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 10 points to 596.