Corporate Consolidations Lift Markets To Higher Open
Corporate consolidations lifted the markets to a higher open with the Dow gaining 85 points to 12,216. Nasdaq rose 8 points to 2789.
On the upside
Medicis Pharmaceutical (NYSE: MRX) reported lower fourth quarter earnings Friday after market close but the results topped analyst estimates.
Fourth quarter earnings surged for JinkoSolar Holding (NYSE: JKS) to surpass analyst expectations by a wide margin.
PDL BioPharma (Nasdaq: PDLI) settled a lawsuit with Novartis.
On the downside
HSBC Holding (NYSE: HBC) reported sharply higher 2010 earnings that more than doubled but the results fell short of analyst expectations.
The Food and Drug Administration issued a refusal to file letter to Santarus (Nasdaq: SNTS) for its RHUCIN Biologics License Application.FBR Capital analyst Craig Berger expects production at Marvell Technology (Nasdaq: MRVL) to drop 9%.In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 4 points to 826.
