Higher Open Over Upbeat Earnings
The markets opened higher with the Dow gaining 31 points to 12,016 over upbeat earnings. Nasdaq climbed 11 points to 2751.
On the upside
Netflix (Nasdaq: NFLX) reported sharply higher fourth quarter earnings that surpassed analyst expectations as 3.1 million new subscribers joined the movie rental service and the company forecast first quarter results ahead of estimates.
Hanmi Financial (Nasdaq: HAFC) reversed year ago losses to post a better than expected profit for the fourth quarter as loan loss provisions drop.
ProLogis (NYSE: PLD) entered merger discussions with AMB Property (NYSE: AMB).
On the downside
Pluristem Therapeutics (Nasdaq: PSTI) priced its offering of 11 million units at $3.25 per unit.
Third quarter earnings rose for Quantum (NYSE: QTM) but the results fell short of estimates and revenue dropped.Royal Caribbean (NYSE: RCL) reported sharply higher fourth quarter earnings that beat analyst expectations but the cruise ship operator forecast first quarter and 2011 results below estimates.
In the broad market, advancing issues outpaced decliners by a margin of 9 to 7 on the NYSE while decliners edged out advancers by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 793.
