Earnings Lift Markets To Higher Open
The markets opened higher with the Dow rising 56 points to 13,768 on upbeat earnings. Nasdaq gained 10 points to 3154.
On the upside
MAP Pharmaceuticals (Nasdaq: MAPP) will be acquired by Allergan (NYSE: AGN) for a premium of approximately $958 million in cash.
Advanced Micro Devices (NYSE: AMD) widened fourth quarter losses as revenue fell but the results were better than expected.
Cree (Nasdaq: CREE) reported higher second quarter earnings and revenue and forecast current quarter results above estimates.
On the downside
Coach (NYSE: COH) reported higher second quarter earnings and revenue but the results missed analyst expectations. Molycorp (NYSE: MCP) warned of that revenue for the first half of 2013 would fall far short of its previous forecast and announced plans to sell $200 million worth of common shares and $100 million in convertible senior notes.
BMO Capital Markets downgraded IAMGOLD (NYSE: IAG) to a Market Perform rating.
In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on both the NYSE and on Nasdaq. The broader S&P 500 index eased a point to 1491.
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