Rising Sales Lifts Markets To Higher Open
On the upside
A Food and Drug Administration advisory panel recommended approval for InterMune's (Nasdaq: ITMN) fatal lung disease treatment Esbriet.
Abbott Laboratories (NYSE: ABT) announced an all cash $450 million deal to acquire Facet Biotech (Nasdaq: FACT).
The Taiwanese parliament will review a report from the Financial Supervisory Commission on American International Group's (NYSE: AIG) sale of its Taiwan unit to China Strategic.
On the downside
Navistar International (NYSE: NAV) blamed a drop in military sales for sharply lower first quarter earnings that fell short of expectations and forecast full year results below estimates.
J. Crew Group (NYSE: JCG) reversed year ago losses to post a fourth quarter profit that surpassed analyst estimates but the stock price dropped.
Payless Shoe Source parent Collective Brands (NYSE: PSS) narrowed fourth quarter losses but the stock price fell.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 670.
