Manufacturing Activity Rises, Markets Open Higher

The markets opened higher with the Dow adding 7 points to 13,260 as manufacturing activity rose. Nasdaq edged up a point to 3057.

On the upside

Fourth quarter earnings more than doubled for Perfect World (Nasdaq: PWRD) to beat analyst expectations as revenue soared.

The Food and Drug Administration granted Cytori (Nasdaq: CYTX) 510(k) clearance for its Puregraft 850 System.

Cogo Group (Nasdaq: COGO) swung to a loss for the fourth quarter but the results were better than expected as revenue surged. Separately, chief executive Jeffrey Kang offered to purchase approximately one third of the company.

On the downside

Discovery Laboratories (Nasdaq: DSCO) priced its offering of approximately 16 million common shares at the discounted price of $2.80 per share.

OncoGenex Pharmaceuticals (Nasdaq: OGXI) priced its public offering of 4.165 million shares of common stock at the discounted price of $12.00 per share.

Primo Water (Nasdaq: PRMW) narrowed fourth quarter losses but the company forecast current quarter results below expectations.

In the broad market, declining issues outpaced advancers by a margin of 7 to 5 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 827.

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