Markets Open Higher Even As Citigroup Reports Significant Loss

On the upside

GenVec (Nasdaq: GNVC) will license its hearing loss treatments to Novartis for $5 million upfront along with a $2 million purchase of stock.

Credit Suisse analyst Paul Silverstein upgraded Ciena (Nasdaq: CIEN) and lifted his price target on the telecommunications equipment maker saying that sales will increase more than expected as the company upgrades its networks.

Brink's Home Security (NYSE: CFL) will be acquired by Tyco International (NYSE: TYC) in a cash and stock deal valued at approximately $2 billion.

On the downside

Broadpoint AmTech Research downgraded JA Solar (Nasdaq: JASO).

Borders (NYSE: BGP) said that sales tumbled during the holiday shopping season.

Jaguar Mining (NYSE: JAG) warned that gold production during the fourth quarter was lower than expected.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 638.