The nation's economy expanded at a 2% pace in the summer quarter to lift the markets to a modestly higher open with the Dow adding 8 points to 11,122. Nasdaq rose 7 points to 2514.
On the upside
While the Food and Drug Administration declined to approve Vivus' (Nasdaq: VVUS) weight loss treatment Qnexa, the agency did request further study results implying that the drug may be approved in the future.
Third quarter earnings fell for Coinstar (Nasdaq: CSTR) but the results beat analyst expectations.
Monster Worldwide (NYSE: MWW) cited acquisition related costs for swinging to a third quarter loss but the results topped analyst estimates.
On the downside
While third quarter earnings climbed for NuVasive (Nasdaq: NUVA), the company lowered its full year outlook prompting a downgrade.
Genworth Financial (NYSE: GNW) reported higher third quarter earnings but the results fell short of analyst expectations.
Newpark Resources (NYSE: NR) reported higher third quarter earnings but the stock price tumbled.
In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE while decliners edged out advancers by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 700.
