European Optimism Lifts Markets To Higher Open
Continued optimism for a eurozone recovery lifted the markets to a higher open with the Dow climbing 75 points to 13,192. Nasdaq gained 24 points to 3014.
On the upside
Home Depot (NYSE: HD) will pay a premium of approximately $93.4 million to acquire U. S. Home Systems (Nasdaq: USHS).
Fossil (Nasdaq: FOSL) reported higher second quarter earnings that surpassed analyst estimates and forecast full year earnings ahead of expectations.
Second quarter earnings tumbled for BroadSoft (Nasdaq: BSFT) but the results were better than expected prompting the company to lift its full year earnings outlook.
On the downside
NII Holdings (Nasdaq: NIHD) blamed 3G deployment costs for falling to a loss for the second quarter and cut its full year revenue guidance. Shares of Elan (NYSE: ELN) tumbled on news that Johnson & Johnson (NYSE: JNJ) will discontinue development of bapineuzumab intravenous in mild to moderate Alzheimer's. Elan is a 49.9% equity holder in the Johnson & Johnson subsidiary that was developing bapineuzumab IV.
Leap Wireless (Nasdaq: LEAP) disappointed with a greater than expected loss for the second quarter.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 803.
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