The markets opened higher on positive earnings news and a rebound in New York area manufacturing. The Dow rose 68 points to 12,370 while Nasdaq climbed 8 points to 2284.
On the upside
Adtran (Nasdaq: ADTN) posted higher revenues and earnings citing strong demand for broadband access equipment.
China-based ReneSola (NYSE: SOL) signed a 6-year contract to supply solar wafers to Ningbo Solar Electric Power and Eoplly New Energy Technology.
On the downside
Delta Air Lines (NYSE: DAL) and Northwest Airlines (NYSE: NWA) agreed to combine in a $17 billion stock-swap deal that would create the world's biggest carrier keeping the Delta brand. No regulatory hurdles were expected.
Wireless modem maker Novatel Wireless (Nasdaq: NVTL) lowered its forecast for the current quarter due to delayed purchases by a major European carrier.
Shares of Emulex (NYSE: ELX) fell after an analyst downgraded the storage network solution provider.
In the broad market, advancing issues outpaced decliners by
a margin of 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The
Russell 2000 which tracks small cap stocks added 4 points to 690.