Higher Open As China's Exports Grow
The markets opened higher with the Dow rising 27 points to 13,417 as China reported sharply higher exports. Nasdaq added 4 points to 3110.
On the upside
Nokia (NYSE: NOK) reported stronger than expected sales of its Lumia smartphone in the fourth quarter.
Supervalu (NYSE: SVU) swung to a profit for the third quarter and announced the sale of five grocery store chains to Cerberus Capital Management in a deal valued at approximately $3.3 billion.
Herbalife (NYSE: HLF) rejected accusations by Pershing Capital that the company was a pyramid scheme during an investor day presentation in New York.
On the downside
Molycorp (NYSE: MCP) blamed lower rare earth prices for warning that 2013 revenue would fall short of expectations. Ascena (Nasdaq: ASNA) reported a drop in holiday same store sales and lowered its full year earnings guidance.
Aeropostale (NYSE: ARO) blamed a 6% drop in holiday sales for slashing its fourth quarter earnings outlook.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The broader S&P 500 index added 3 points to 1464.
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