May 12, 2008 at 10:50 AM EDT
Opening Bell Report

The markets opened higher as oil prices eased from record high levels. The Dow rose 22 points to 12,760 while Nasdaq edged up 3 points to 2449.

On the upside

Wireless carrier Sprint Nextel (NYSE: S) posted lower 1st quarter revenues and a larger loss as it lost more than a million subscribers. However, the results were slightly better than its forecast.

Research In Motion (NYSE: RIMM) has launched a new Blackberry model with twice the screen resolution of its current Curve model to match the resolution, but not the size, of Apple's iPhone (Nasdaq: AAPL).

AnnTaylor Stores (NYSE: ANN) raised its 1st quarter guidance due to strong results at its Loft chain and improved inventory and cost controls.


On the downside

Conditions continued to deteriorate at IndyMac Bancorp (NYSE: IMB) which posted a 1st quarter loss and warned of more losses through 2008.

Cablevision Systems (NYSE: CVC) is likely to buy Long Island-based newspaper Newsday from Tribune Co. (NYSE: TXA) for $650 million. News Corp. (NYSE: NWS) withdrew its lower $580 million offer over the weekend.

Hecla Mining (NYSE: HL) posted higher profits due to rising silver prices, but production slowed as revenues fell versus year-ago levels.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 722.
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