Higher Open Over Optimism For Greece
The markets opened higher with the Dow gaining 73 points to 13,169 after the International Monetary Fund and the European Central Bank held discussions with the new coalition government in Greece. Nasdaq rose 20 points to 2988.
On the upside
Best Buy (NYSE: BBY) received an offer to take the electronics retailer private by founder and former chairman Richard Schulze.
Pluristem Therapeutics (Nasdaq: PSTI) reported the successful treatment of a lymphoma patient using the company's Placental eXpanded cells drug delivery platform.
Cognizant Technology Solutions (Nasdaq: CTSH) reported higher second quarter earnings that topped analyst estimates as revenue rose and lifted its full year guidance.
On the downside
Knight Capital (NYSE: KCG) announced plans to sell $400 million worth of convertible stock. Publicis denied rumors that it held acquisition talks with Interpublic Group (NYSE: IPG).
Exelixis (Nasdaq: EXEL) will offer 20 million shares of common stock and $225 million worth of convertible senior notes.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 796.
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