Strong Earnings Lift Markets To Higher Open
Strong corporate earnings news lifted the markets to a higher open with the Dow climbing 69 points to 11,114. Nasdaq rose 14 points to 2486.
On the upside
Hewlett-Packard (NYSE: HPQ) will pay approximately $1.4 billion to acquire struggling mobile device maker Palm (Nasdaq: PALM).
Medtronic (NYSE: MDT) agreed to purchase ATS Medical (Nasdaq: ATSI) for approximately $315.2 million in cash.
RAIT Financial Trust (NYSE: RAS) swung to a first quarter profit.
On the downside
Private equity firm Ford Financial Fund will purchase $500 million worth of Pacific Capital Bancorp (Nasdaq: PCBC) common stock at a steeply discounted 20 cents per share.
Sunesis Pharmaceuticals (Nasdaq: SNSS) posted a loss for the first quarter as revenue plunged.
E-Trade (Nasdaq: ETFC) priced its secondary offering of 172 million common shares at $1.75 per share.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 726.
On the upside
Hewlett-Packard (NYSE: HPQ) will pay approximately $1.4 billion to acquire struggling mobile device maker Palm (Nasdaq: PALM).
Medtronic (NYSE: MDT) agreed to purchase ATS Medical (Nasdaq: ATSI) for approximately $315.2 million in cash.
RAIT Financial Trust (NYSE: RAS) swung to a first quarter profit.
On the downside
Private equity firm Ford Financial Fund will purchase $500 million worth of Pacific Capital Bancorp (Nasdaq: PCBC) common stock at a steeply discounted 20 cents per share.
Sunesis Pharmaceuticals (Nasdaq: SNSS) posted a loss for the first quarter as revenue plunged.
E-Trade (Nasdaq: ETFC) priced its secondary offering of 172 million common shares at $1.75 per share.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 726.
