Markets Open Higher As Consumer Spending Rises

A 0.7% increase in February consumer spending lifted the markets to a higher open with the Dow gaining 51 points to 12,272. Nasdaq rose 10 points to 2753.

On the upside

Rural/Metro (Nasdaq: RURL) will be acquired by private equity firm Warburg Pincus in an all cash deal valued at approximately $438.2 million.

The International Trade Commission agreed to review a patent infringement case that Eastman Kodak (NYSE: EK) filed against Apple (Nasdaq: AAPL) and Research in Motion (Nasdaq: RIMM).

Goldman Sachs upgraded Alcatel-Lucent (NYSE: ALU) to a Buy rating citing the company's improved business mix.

On the downside

Goodyear Tire & Rubber (NYSE: GT) announced a mandatory convertible preferred stock offering of 8.7 million shares at $50 per share.

CNinsure (Nasdaq: CISG) will host a conference call this morning to discuss its strategic plan to develop an e-commerce insurance platform and the sale of its Datong life insurance unit.

Marriott International (NYSE: MAR) said that growth of revenue per available room in North America is lower than expected.

In the broad market, advancing issues outpaced decliners by a margin of 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 827.