Higher Open Even As Economy Expands Less Than Expected
The markets opened higher with the Dow gaining 59 points to 12,127 even as the nation's economy expanded less than expected last quarter. Nasdaq soared 30 points to 2768.
On the upside
SandRidge Energy (NYSE: SD) narrowed fourth quarter losses more than expected and lifted its 2011 production guidance. The oil and natural gas company also announced the sale of two New Mexico properties for $200 million.
Fourth quarter earnings jumped for Interpublic (NYSE: IPG) to top analyst estimates and the company announced a $300 million stock repurchase plan.
OmniVision Technologies (Nasdaq: OVTI) reported sharply higher third quarter earnings that beat analyst expectations by a wide margin and forecast current quarter results well ahead of estimates.
On the downside
MedAssets (Nasdaq: MDAS) blamed higher expenses for swinging to a loss for the fourth quarter. The healthcare technology provider forecast 2011 results below analyst expectations prompting downgrades.
Limelight Networks (Nasdaq: LLNW) priced its public offering of 10 million common shares at the discounted price of $7.10 per share.NutriSystem (Nasdaq: NTRI) reported higher fourth quarter earnings but warned of weak current quarter sales due to increased competition.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 812.
