Higher Open As New Home Sales Rise
A sharp increase in new home sales lifted the markets to a higher open with the Dow rising 37 points to 13,140. Nasdaq gained 5 points to 2995.
On the upside
Facebook (Nasdaq: FB) reported a loss for the third quarter due to stock compensation expenses but the results were better than expected.
Millennial Media (NYSE: MM) priced its public offering of 10 million common shares at $14.15 per share.
RF Micro Devices (Nasdaq: RFMD) fell to a loss for the second quarter but the results topped analyst estimates prompting an upgrade.
On the downside
Netflix (Nasdaq: NFLX) posted a better than expected profit for the third quarter but the company added fewer new subscribers than forecast and the company cut its full year subscriber growth numbers.
Corning (NYSE: GLW) reported lower third quarter earnings and announced plans to eliminate jobs.
Tempur-Pedic (NYSE: TPX) fell to a loss for the third quarter and lowered its guidance for the full year.
In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 814.
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