May 06, 2009 at 10:00 AM EDT
Stocks Open Higher on Upbeat Employment News
ADP offered investors a hopeful employment picture by predicting a slowdown in the number of private sector jobs being cut. The Dow rose 50 points to 8461 while Nasdaq edged up 2 points to 1756.

On the upside

Bank of America (NYSE: BAC) may be in need of as much as $34 billion in new capital in order to shore up its balance sheet. Another report indicated that all banks may need only $75 billion in capital altogether. Shares of Wells Fargo (NYSE: WFC) and Citigroup (NYSE: C) rose ahead of the results of the government's bank stress tests to be revealed tomorrow.

Shares of Zions Bankcorp (Nasdaq: ZION) surged on expectations that the regional bank will not need more capital infusion.

The Boston Globe, which is owned by The New York Times Company (NYSE: NYT), reached a tentative agreement with labor unions for concessions.


On the downside

Navigation device maker Garmin (Nasdaq: GRMN) posted a sharp drop in revenues and earnings due to a decline in discretionary spending by consumers.

Masimo (Nasdaq: MSI) reported higher revenues and earnings, but investors remained worried about demand for company's medical monitoring devices.

Shares of General Motors (NYSE: GM) fell sharply on worries that the issuance of new stock may significantly dilute existing shareholders.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 504.
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