Oil Prices Ease, Markets Open Higher
Easing crude oil prices lifted the markets to a higher open with the Dow climbing 71 points to 12,161. Nasdaq gained 16 points to 2762.
On the upside
China Security & Surveillance Technology (NYSE: CSR) received a $6.50 per share cash offer from former chairman and chief executive Guoshen Tu to take the company private.
Bloomberg reported that Sprint Nextel (NYSE: S) may purchase Deutsche Telekom's T-Mobile business by giving Deutsche a stake in Sprint.
Dick's Sporting Goods (NYSE: DKS) reported higher fourth quarter earnings that topped analyst estimates as margins increased and the sporting goods retailer forecast 2011 results ahead of expectations.
On the downside
Urban Outfitters (Nasdaq: URBN) disappointed with lower fourth quarter earnings that fell short of expectations as expenses climbed.
Collins Stewart downgraded LDK Solar (NYSE: LDK) to a Sell rating.Fourth quarter earnings plunged for BlackRock Kelso Capital (Nasdaq: BKCC).In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 7 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 7 points to 819.
