Higher Open Over Upbeat Earnings
Upbeat earnings lifted the markets to a higher open with the Dow gaining 50 points to 11,873. Nasdaq rose 7 points to 2711.
On the upside
People's United Financial will acquire Danvers Bancorp (Nasdaq: DNBK) in a cash and stock deal valued at approximately $493 million.
General Electric (NYSE: GE) impressed with sharply higher fourth quarter earnings that topped analyst estimates.
Fourth quarter earnings rose for BB&T (NYSE: BBT) to beat expectations.
On the downside
The Committee for Medical Products for Human Use will not recommend approval of the multiple sclerosis treatment Famprya, which was developed by Acorda Therapeutics (Nasdaq: ACOR), for use in the European Union.
The Food and Drug Administration requested that Vivus (Nasdaq: VVUS) analyze trial data concerning possible birth defects linked to an ingredient of the experimental obesity treatment Qnexa.Jones Group (NYSE: JNY) issued preliminary fourth quarter results that missed expectations and warned of lower gross margins.
In the broad market, advancing issues outpaced decliners by a margin of more than 8 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 781.
