Greek Prepares To Meet With Eurozone Officials, Markets Open Higher
The markets opened higher with the Dow rising 39 points to 13,311 as Greece prepared to meet with eurozone officials. Nasdaq gained 22 points to 3098.
On the upside
Urban Outfitters (Nasdaq: URBN) reported higher second quarter earnings that beat analyst estimates as revenue rose.
Dex One (NYSE: DEXO) will merge with SuperMedia (Nasdaq: SPMD) to create a new company with an annual revenue of approximately $3.1 billion.
Shares of Qihoo (NYSE: QIHU) rose ahead of its earnings release after market close.
On the downside
Second quarter earnings plunged for Best Buy (NYSE: BBY) to fall far short of analyst expectations as sales slipped prompting the consumer electronics retailer to withdraw its full year outlook. JP Morgan Chase cut its price target on Molycorp (NYSE: MCP) to $8.50 from $11.50.
Barclays Capital downgraded Groupon (Nasdaq: GRPN) to an Underweight rating and slashed its price target from $15.00 to $4.00.
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 823.
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