Higher Open As Personal Income Rises


A gain in personal income lifted the markets to a higher open with the Dow rising 31 points 12,434. Nasdaq gained 8 points to 2791.

On the upside

Advanced Analogic Technologies (Nasdaq: AATI) will be acquired by rival Skyworks Solutions (Nasdaq: SWKS) in a cash and stock deal valued at approximately $262.5 million.

First quarter earnings slipped for Marvell Technology Group (Nasdaq: MRVL) but the chipmaker forecast current quarter results ahead of estimates.

LDK Solar (NYSE: LDK) will supply 45 megawatts of solar modules to a leading Italy-based solar systems integrator.

On the downside

Blue Cross Blue Shield will switch its specialty pharmacy benefit contract from MedcoHealth Solutions (NYSE: MHS) to CVS (NYSE: CVS) in 2012. 

Boardwalk Pipeline Partners (NYSE: BWP) priced its public offering of 6 million common units at $29.33 per unit.

Fourth quarter earnings leaped for OmniVision (Nasdaq: OVTI) as revenue surged but the company's current quarter outlook disappointed investors.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 834.

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This page contains a single entry by published on May 27, 2011 6:43 AM.

Upbeat Earnings Lift Markets To Higher Close was the previous entry in this blog.

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