Stocks Open Higher on Strength of Global Economic Recovery
On the upside
United Parcel Service (NYSE: UPS) announced plans to hike shipping rates for 2010 and hinted at sustainable revenue growth. Share of rival Fedex (NYSE: FDX) also gained ground.
Toll Brothers (NYSE: TOL) posted lower 4th quarter revenues, but the luxury home builder noted that few buyers backed out of contracts.
Shares of Semiconductor Manufacturing International (NYSE: SMI) soared after the chipmaker settled all pending lawsuits with Taiwan Semiconductor (NYSE: TSM).
On the downside
Macy's (NYSE: M) posted a smaller 3rd quarter loss and raised its sales and profit outlook for the rest of the year, but the forecast missed analysts' expectations.
Adobe (Nasdaq: ADBE) announced job cuts to reduce 9% of its workforce due to slow sales of its Photoshop, Flash and Acrobat software programs.
Nationwide wireless data network Clearwire (Nasdaq: CLWR) received a nearly $1.2 billion investment from Sprint Nextel (NYSE: S).
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 7 points to 594.
