Trade Deficit Widens Less Than Expected, Markets Open Higher
The markets opened higher with the Dow gaining 61 points to 13,316 as the nation's trade deficit widened less than expected in July. Nasdaq added 4 points to 3108.
On the upside
Sunesis Pharmaceuticals (Nasdaq: SNSS) will increase the sample size of its Phase 3 VALOR trial of its acute myeloid leukemia treatment vosaroxin.
Shares of Nokia (NYSE: NOK) rose after the New York Times reported that 32,000 students were forced to work at the Foxconn factory in China to make Apple's (Nasdaq: AAPL) iPhone 5S.
Cell Therapeutics (Nasdaq: CTIC) will launch its multiply relapsed or refractory aggressive B-cell non-Hodgkin Lymphoma treatment Pixuvri in Europe this month.
On the downside
Sequenom (Nasdaq: SQNM) will offer $100 million in convertible senior notes. ThinkEquity analyst Yun Kim downgraded Tibco Software (Nasdaq: TIBX) to a Hold rating.
General Growth Properties (NYSE: GGP) rejected 10.5% shareholder Bill Ackman's demand to sell the company.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 4 points to 843.
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