Cyrpus Deal Near, Markets Open Higher

The markets opened higher with the Dow climbing 76 points to 14,498 as Cyrpus announced that a deal was near to secure bailout funds. Nasdaq gained 15 points to 3237.

On the upside

Micron Technology (Nasdaq: MU) reported a loss for the second quarter but the results were better than expected.

Third quarter earnings soared for Nike (NYSE: NKE) to beat analyst expectations.

Anacor Pharmaceuticals (Nasdaq: ANAC) reported positive results from a midstage clinical trial of its atopic dermatitis treatment AN2728.

On the downside

Tibco Software (Nasdaq: TIBX) reported sharply lower first quarter earnings as revenue fell short of expectations.

Arbor Realty Trust (NYSE: ABR) priced its offering of 5.625 million common shares at the discounted price of $8 per share.

Nomura downgraded Informatica (NYSE: INFA) to a Neutral rating.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 index gained 8 points to 1554.

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