Merkel Rejects Greek Default, Markets Open Higher
The markets opened higher with the Dow adding 7 points to 11,069 as German Chancellor Angela Merkel rejected a Greek default. Nasdaq climbed 18 points to 2513.
On the upside
Diesel and natural gas engine maker Cummins (NYSE: CMI) told investors that 2011 profit will rise to record levels.
Intersil (Nasdaq: ISIL) trimmed its third quarter revenue guidance but the chipmaker said that inventory levels are beginning to stabilize and bookings may recover over the next couple of weeks.
Standard & Poor's Ratings Services upgraded Huntsman's (NYSE: HUN) credit rating citing strong demand and increased prices.
On the downside
InterMune (Nasdaq: ITMN) will offer 4 million shares of common stock and $100 million worth of convertible senior notes.
Best Buy (NYSE: BBY) disappointed with lower second quarter earnings that fell short of analyst expectations.
QlikTech (Nasdaq: QLIK) expanded its partnership with Deloitte & Touche to offer their QlikView Business Discovery platform to clients but the stock price fell.
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 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 687.
