Surprise Gain In Consumer Confidence Lifts Markets To Higher Open

A strong gain in consumer confidence lifted that markets to a higher open with the Dow rising 26 points to 10,036. Nasdaq added 3 points to 2123.

On the upside

An article in the Daily Mail said that a consortium of private equity firms from the United States and the United Kingdom was prepared to offer $1.7 billion for Saks (NYSE: SKS).

Rising gold prices lifted shares of Goldcorp (NYSE: GG).

Energy Conversion Devices (Nasdaq: ENER) reported a narrower than expected loss for the fourth quarter as revenue surged.

On the downside

Mediacom Communications Corp. (Nasdaq: MCCC) founder, chairman and chief executive Rocco B. Commiso withdrew his offer to purchase the company.

Monsanto (NYSE: MON) announced that it will eliminate an additional 700 positions and warned that full year earnings will be at the low end of its previous guidance.

L-1 Identity Solutions (NYSE: ID) amended its credit agreement to extend the time period during which modified financial covenants will apply.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 601.