A better than expected gain in new home construction lifted the markets to a higher open with the Dow climbing 55 points to 10,681. Nasdaq rose 5 points to 2359.
On the upside
Forest Laboratories (NYSE: FRX) announced a stock repurchase plan for up to 50 million common shares.
MGM Mirgae (NYSE: MGM) countersued Perini Building Co. for defective work and mishandled billing related to the new CityCenter resort in Las Vegas.
First quarter earnings for Sina (Nasdaq: SINA) more than doubled to surpass expectations due to an investment gain.
On the downside
Ambac (NYSE: ABK) widened first quarter losses.
A consortium negotiating to acquire Fidelity National Services (NYSE: FIS) ended discussions to purchase the payment processor.
Aegean Marine Petroleum (NYSE: ANW) announced an offering of 4 million common shares.
In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 705.
