Higher open even as home construction falls

The markets opened higher with the Dow rising 20 points to 16,801 despite a drop in home construction last month. Nasdaq gained 18 points to 4,339.

On the upside

Giga-tronics (Nasdaq: GIGA) received a $2.4 million order from the Naval Air Warfare Center.

Sabine Oil & Gas denied reports that it withdrew an $850 million loan and affirmed that the financing required to acquire Forest Oil (NYSE: FST) was still in place.

Galena Biopharma (Nasdaq: GALE) completed enrollment in a Phase 2a clinical trial of its ovarian and endometrial cancer treatment GALE-301.

On the downside

Acorda Therapeutics (Nasdaq: ACOR) will offer $300 million worth of convertible senior notes.

A Seeking Alpha contributor wrote that Maxim's price target increase on Achillion Pharmaceuticals (Nasdaq: ACHN) yesterday from $6 to $22 was unrealistic.

Profit taking weighed down shares of Seattle Genetics (Nasdaq: SGEN).

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 added 2 points to 1940. Bitcoin edged up $2.10 or 0.35% to $595.31.

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