Opening Bell Report

Investors saw the silver lining in the Federal Reserve Bank's modest interest rate hike yesterday and snapped up blue chip and tech stocks while avoiding the financial services sector. The Dow surged nearly 200 points to 13,628 while Nasdaq leaped 50 points to 2702.

On the upside

Nextest Systems (Nasdaq: NEXT) received a $325 million offer from Teradayne (NYSE: TER) to buy the maker of flash memory testing equipment.

AT&T (NYSE: T) announced plans to offer RFID and GPS solutions to track vehicles and equipment in the K-12 education segment.

Microsoft (Nasdaq: MSFT) acquired one of Europe's largest online map services.

On the downside

Sallie Mae (NYSE: SLM) offered an update to the dispute between the student loan provider and a private equity firm offering to buy the company.

United Online (Nasdaq: UNTD), an Internet service provider, pulled a planned IPO of its Classmates Media subsidiary.

Wachovia (NYSE: WB) warned that its troubled loan portfolio may trigger write-downs of about $1 billion in the 4th quarter and impact results well into next year.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 14 points to 781.

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