Higher Open On Upbeat Earnings
Upbeat corporate earnings lifted the markets to a higher open with the Dow gaining 74 points to 13,403. Nasdaq climbed 17 points to 3109.
On the upside
Dish Network (Nasdaq: DISH) started a bidding war for Clearwire (Nasdaq: CLWR) by offering $2.8 billion for the wireless service provider. Sprint (NYSE: S) had offered $2.2 billion to acquire Clearwire.
Rosetta Genomics (Nasdaq: ROSG) reported that the microRNA characteristics of cancer of unknown primary are the same as metastatic tumors of matched primaries.
NuVasive (Nasdaq: NUVA) reported preliminary 2012 revenue that topped expectations and forecast 2013 revenue ahead of estimates.
On the downside
Apollo Group (Nasdaq: APOL) reported lower first quarter earnings as enrollment declined and the for profit educator forecast 2013 revenue below analyst expectations. Five Star Equities wrote that Cell Therapeutics (Nasdaq: CTIC) was an attractive acquisition target but the stock price fell as investors locked in profits from yesterday's rally.
Crosstex Energy (Nasdaq: XTEX) priced its public offering of 7.5 million common units at the discounted price of $15.15 per unit.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 index rose 6 points to 1463.
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