May 22, 2008 at 11:05 AM EDT
Opening Bell Report

The markets opened higher as bargain hunters stepped in after two days of losses. Meanwhile, oil prices hit record highs on renewed supply concerns. The Dow added 20 points to 12,621 while Nasdaq rose 8 points to 2457.

On the upside

Calpine (NYSE: CPN) received an unsolicited offer of about $11 billion in NRG Energy stock (NYSE: NRG).

Solar panel producer Evergreen Solar (Nasdaq: ESLR) picked up two contracts worth nearly $1 billion over 5 years.

Children's Place Retail Stores (Nasdaq: PLCE) posted higher revenues and profits due to higher clothing sales. The company recently announced plans to close or return stores to Walt Disney (NYSE: DIS).


On the downside

The $34.8 billion buyout of BCE (NYSE: BCE) by one of Canada's largest pension funds faced another hurdle after an appeals court agreed with a BCE bondholder.

Dick's Sporting Goods (NYSE: DKS) lowered its full-year outlook as same-store sales are expected to be sluggish due to the overall economy.

GameStop (NYSE: GME) raised its full-year outlook after posting strong 1st quarter results. Investors sold off on the news.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 731.
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