Strong Growth In China Lifts Markets To Higher Open
Strong growth of the Chinese economy boosted investor confidence to lift the markets to a higher open with the Dow climbing 94 points to 10,557. Nasdaq gained 33 points to 2276.
On the upside
Hewlett-Packard (NYSE: HPQ) will pay approximately $1.5 billion to acquire security software firm Arc Sight (Nasdaq: ARST).
Dollar Thrifty Automotive (NYSE: DTG) agreed to be acquired by Hertz (NYSE: HTZ) for the increased offer of $1.43 billion in cash and stock.
A Barron's article suggested that Xerox's (NYSE: XRX) stock price has the potential to double as the company transforms into a data services provider.
On the downside
Duoyuan Printing (NYSE: DYP) fired Deloitte Touche Tohmatsu as its independent accounting firm prompting the resignations of chief executive Christopher Holbert and chief financial officer William Suh.
Shares of Patriot Coal (NYSE: PCX) continued falling after the company cut its third quarter sales guidance on Friday.
Shares of Crocs (NYSE: CROX) continued falling after plastic shoe maker affirmed its third quarter outlook, which is on the low end of analyst expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 11 points to 648.
