Tjhe markets opened modestly higher following a strong start to the holiday shopping season as online retailers braced for Cyber Monday. The Dow rose 44 points to 13,025 while Nasdaq added 13 points to 2609.
On the upside
Electronics giant Philips offered $2.7 billion to buy The Genlyte Group (Nasdaq: GLYT), a manufacturer of lighting fixtures.
Shares of Hawaii-based Hoku Scientific (Nasdaq: HOKU) leaped after the company signed an 8-year contract to develop photovoltaic cells for a Chinese solar power company.
Shares of Garmin (Nasdaq: GRMN) climbed on reports that retail outlets were selling out the company's navigation gadgets over the holiday shopping weekend.
On the downsideAnalysts downgraded the construction sector. shares of Centex Corporation (NYSE: CTX) and Ryland Group (NYSE: RYL) fell sharply.
Shares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) lost ground on analyst downgrades as the government-backed mortgage guarantors continued to grapple with mortgage-related losses.
Consumer products maker Newell Rubbermaid (NYSE: NWL) lowered its sales guidance for the current quarter due to slow office product sales.
In the broad market, advancing issues outpaced decliners by a margin
of nearly 4 to 3 on the NYSE and by 5 to 4 on Nasdaq. The
Russell 2000 which tracks small cap stocks added a point to 756.