The nation's economy expanded more than expected in the fourth quarter to lift the markets to a higher open with the Dow rising 49 points to 12,220. Nasdaq gained 11 points to 2747.
On the upside
Fourth quarter earnings more than tripled for Biostar Pharmaceuticals (Nasdaq: BSPM) as revenue surged.
A decision will be made in Eastman Kodak's (NYSE: EK) patent infringement suit against Apple (Nasdaq: AAPL) and Research in Motion (Nasdaq: RIMM).
Accenture (NYSE: ACN) reported higher second quarter earnings and revenue that topped analyst estimates and lifted its full year outlook above expectations.
On the downside
Resource Capital (NYSE: RSO) priced its public offering of 6 million common shares at $6.90 per share.
HealthSpring (NYSE: HS) priced its offering of 7.5 million common shares at $35.95 per share.
Citi Investment Research analyst Kate McShane downgraded Best Buy (NYSE: BBY) citing increased competition and limited earnings growth.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 820.
