The markets opened higher as investors mulled over 4th quarter productivity and labor costs which were more positive than expected. The Dow added 36 ponts to 12,302 while Nasdaq climbed 15 points to 2325.
On the upside
Disney (NYSE: DIS) reported lower earnings that beat estimates due to the strength of its ESPN operations and "High School Musical" and "Hannah Montana" franchises that drove revenues.
Time Warner (NYSE: TWX) credited stronger results from cable and movies for higher adjusted profits. The stock edged up despite some uncertainty surrounding AOL and its advertising services.
Shares of JDS Uniphase (Nasdaq: JDSU) surged after the communications test and fiber-optic network equipment posted lower profits that surpass expectations.
On the downside
Shares of Toll Brothers (NYSE: TOL) edged lower after the luxury homebuilder posted lower 1st quarter revenues, its 7th consecutive decline, as the entire housing industry continued to languish.
Shares of Riverbed Technologies (Nasdaq: RVBD) dropped after the software company reported higher revenues and earnings that failed to impress analysts.
FormFactor (Nasdaq: FORM) reported lower profits and announced job cuts. Analysts promptly lowered their opinion on the semiconductor company.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE and by 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 700.