July retail sales climbed more than expected to lift the markets to a higher open with the Dow rising 18 points to 13,187. Nasdaq added 2 points to 3024.
On the upside
Michael Kors (NYSE: KORS) reported sharply higher first quarter revenue and earnings that surpassed analyst expectations by a wide margin, forecast current quarter results ahead of estimates and lifted its full year guidance.
Velti (Nasdaq: VELT) narrowed second quarter losses as revenue surged and raised its full year outlook.
Fourth quarter earnings and revenue rose for Estee Lauder (NYSE: EL) to top analyst estimates.
On the downside
Groupon (Nasdaq: GRPN) reversed year ago losses to post a profit for the second quarter but revenue fell short of expectations prompting downgrades. Shares of Nokia (NYSE: NOK) continued falling after losing its position as global market leader of mobile phone sales to Samsung.
Wedbush Securities analyst Gil Luria downgraded NCR (NYSE: NCR) for possibly violating the Foreign Corrupt Practices Act by continuing business transactions in Syria despite economic sanctions.
In the broad market, advancing issues outpaced decliners by a margin of 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 801.
Gain In Retail Sales Lifts Markets
August 14, 2012 at 10:48 AM EDT
