Higher Open As More Jobs Added To Economy
The nation's private employers created more jobs than expected in July to lift the markets to a higher open with the Dow rising 37 points to 13,046. Nasdaq added a point to 2941.
On the upside
Silicon Image (Nasdaq: SIMG) narrowed second quarter losses more than expected as revenue rose and the company forecast current quarter revenue ahead of estimates.
Shares of Nokia (NYSE: NOK) rose even after Lenova denied rumors that it was exploring a possible acquisition of the mobile phone company.
Magnum Hunter (NYSE: MHR) reported a sharp 161% jump in second quarter production and announced a monthly cash dividend for its Series C and Series D preferred stock.
On the downside
Analysts expect Molycorp (Nasdaq: MCP) to report sharply lower second quarter earnings tomorrow.
Harley-Davidson (NYSE: HOG) reported higher second quarter earnings that topped analyst expectations but the company warned of weakening demand.
ServiceSource International (Nasdaq: SREV) widened second quarter losses and forecast third quarter earnings and revenue that fell short of analyst expectations.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 786.
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