Mixed Open Even As Housing Starts Soar
The markets opened mixed with the Dow slipping 7 points to 13,544 while Nasdaq added 4 points to 3105 as September housing starts climbed 15% to a four year high.
On the upside
ASML (Nasdaq: ASML) offered approximately $2.55 billion in cash and stock to acquire Cymer (Nasdaq: CYMI).
Cree (Nasdaq: CREE) reported higher first quarter earnings that topped analyst estimates.
Third quarter earnings climbed for United Rentals (NYSE: URI) as revenue surged.
On the downside
Fortinet (Nasdaq: FTNT) disappointed with lower third quarter earnings.
Apollo Group (Nasdaq: APOL) reported sharply lower fourth quarter earnings as revenue fell, forecast disappointing fiscal 2013 revenue, and announced the closure of 25 campuses and the elimination of 800 jobs.
Check Point Software Technologies (Nasdaq: CHKP) reported higher third quarter earnings and revenue but the Internet and network security technology company forecast fourth quarter results below analyst expectations.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 841.
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