Gains In Retail Sales Lift Markets To Higher Open

Gains in retail sales lifted the markets to a higher open with the Dow rising 37 points to 10,434. Nasdaq added 3 points to 2283.

On the upside

Fourth quarter results for PetSmart (Nasdaq: PETM) topped analyst estimates and the company forecast upbeat full year results.

Abercrombie & Fitch (NYSE: ANF) impressed with a strong same store sales growth of 5% in February.

Suntech (NYSE: STP) reversed year ago losses to post a greater than expected profit for the fourth quarter as revenue rose.

On the downside

Ciena (NYSE: CT) blamed order delays and pending acquisition costs for widening first quarter losses.

Wendy's/Arby's Group (NYSE: WEN) narrowed fourth quarter losses but same store sales dropped and the fast food chain expects to spend more to increase its customer base.

Rite Aid (NYSE: RAD) reported a wider than expected drop in February same store sales.

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