Stocks Climb as Corporate Profits Beat Estimates

Stocks opened mostly higher as investors mulled over the latest batch of corporate earnings, most of which beat lowered targets. The Dow rose 20 points to 7906 while Nasdaq added 3 points to 1649.

On the upside

Raytheon (NYSE: RTN) posted higher 1st quarter profits and raised its full-year outlook due to strong sales of missiles and defense equipment.

PNC Financial Services Group (NYSE: PNC) took investors by surprise and reported an increase in earnings boosted by cost savings from its purchase of National City Corp.

Shares of eBay (Nasdaq: EBAY) surged after the online auction and e-commerce provider posted lower revenues and earnings that surpassed expectations.

Strong sales of iPhones boosted Apple (Nasdaq: AAPL) which reported higher profits that beat estimates.

On the downside

UPS (NYSE:UPS) posted a sharp decline in earnings as global demand for premium package delivery fell.

Scientific instrument maker Thermo Fisher Scientific (NYSE: TMO) reported lower profits and sales while slashing its outlook for the year.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added a points to 471.