December 28, 2007 at 10:00 AM EST
Opening Bell Report

The markets opened higher as new home sales fell to their lowest level in more than 12 years. The Dow added 26 points to 13,386 while Nasdaq climbed 9 points to 2685.

On the upside

Sallie Mae (NYSE: SLM) added $3 billion to its balance sheet by selling $1 billion of convertible securities and $2 billion in common stock.

Egg producer Cal Maine Foods (Nasdaq: CALM) posted sharply higher profits as egg prices set new record highs.

China-based online gaming and Internet portal company CDC (Nasdaq: CHINA) announced that it has bought back nearly 3 million shares of stock this year.

On the downside

Shares of MBIA (NYSE: MBI) and Ambac Financial Group (NYSE: ABK) fell sharply on worries that the bond insurers may be getting new competition from Warren Buffett.

Shares of Theravance (Nasdaq: THRX) lost ground and hit a new 2-year low after the FDA announced a new review of the company's skin infection drug candidate.

Centerline Holding (NYSE: CHC) cut its dividend while selling off its bond portfolio to the original investors.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by a margin of 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 776.

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