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December 23, 2011 at 09:43 AM EST
Spending And Income Gains Lift Markets

Modest gains in consumer spending and personal incomes lifted the markets to a higher open with the Dow gaining 46 points to 12,216. Nasdaq added 3 points to 2602.

On the upside

Shares of SandRidge Energy (NYSE: SD) continued climbing after announcing a $1 billion joint venture with Repsol YPF at its Extension Mississippian play and at its Original Mississippian play in western Kansas.

Rambus (Nasdaq: RMBS) finalized a patent license agreement allowing Broadcom (Nasdaq: BRCM) to use its technology in integrated circuit products for five years.

SunPower (NYSE: SPWR) will acquire French solar energy system company Tenesol for $165.4 million in cash.

On the downside

Shares of Mead Johnson Nutrition (NYSE: MJN) continued falling after Wal-Mart (NYSE: WMT) pulled the company's Enfamil baby formula from its shelves yesterday.

United Continental (NYSE: UAL) expects its capacity to drop by 4.8% in the fourth quarter.

Shutterfly (Nasdaq: SFLY) lowered its fourth quarter revenue guidance.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE while decliners edged out advancers by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 744.

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