Opening Bell Report

The markets opened higher on upbeat corporate earnings news with the Dow surging over 100 points to 12,470. The tech-heavy Nasdaq leaped 29 points to 2315.

On the upside

JPMorgan Chase (NYSE: JPM) posted lower profits versus year-ago levels, but the results beat expectations. The bank also set aside $5.1 billion as reserves and charges against loan losses. Analysts believed that the bank remains healthy enough to absorb the Bear Stearns (NYSE: BSC).

Intel (Nasdaq: INTC) posted 1st quarter revenues and profits that beat forecasts. Investors were especially impressed with the chip giant's margins and snapped up the stock. Shares of rival Advanced Micro Devices (NYSE: AMD) also rose.

Pharmaceutical company Abbott Laboratories (NYSE: ABT) posted higher earnings on strong sales of its rheumatoid arthritis drug treatment.

On the downside

Seagate Technology (NYSE: STX) reported higher revenues and earnings, but the results missed forecasts due to weak sales of notebook computer hard drives.

East West Bancorp (Nasdaq: EWBC) posted a small profit due to a large charge against real estate loan losses.

Talbot's (NYSE: TLB) which operates a chain of apparel and shoe stores reported that its letter of credit agreement lapsed without getting renewed.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 695.

Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here