Higher Open As Retail Sales Slip Less Than Expected

The markets opened higher with the Dow soaring 127 points to 12,080 as retail sales in May fell less than expected. Nasdaq leaped 39 points to 2678.

On the upside

First quarter earnings slipped for Best Buy (NYSE: BBY) but the results topped analyst estimates.

LML Payment Systems (Nasdaq: LMLP) reversed year ago losses to post a profit for the fourth quarter.

Bargain hunters lifted share of E-Commerce China Dangdang (NYSE: DANG), Youku.com (NYSE: YOKU) and Renren (NYSE: RENN) .

On the downside

Majesco Entertainment (Nasdaq: COOL) reversed year ago losses to post a profit for the second quarter but the stock price fell.

Avis Budget (NYSE: CAR) will pay approximately $1 billion to acquire Avis Europe sending shares of Dollar Thrifty (NYSE: DTG) tumbling. Regulators have been reviewing offers to purchase Dollar Thrifty from Avis and Hertz (NYSE: HTZ).

AngioDynamics (Nasdaq: ANGO) announced the immediate resignation of chief executive officer Jan Keltjens and issued a fourth quarter outlook that fell short of expectations.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 10 points to 789.