The markets opened flat with the Dow slipping 5 points to 15,564 as investors monitored earnings. Nasdaq lost 4 points to 3939.
On the upside
Maxim Group upgraded Dendreon (Nasdaq: DNDN) from a Hold rating to a Buy rating.
Macquarie Capital wrote that NQ Mobile’s (NYSE: NQ) recent price drop was a buying opportunity.
Morgan Stanley upgraded Bristol-Myers Squibb (NYSE: BMY) from an Equal Weight rating to an Overweight rating and lifted its price target from $45 to $60.
On the downside
Synta Pharmaceutical (Nasdaq: SNTA) reported updated results from a Phase II study of ganetespib but investors questioned effectiveness of the lung cancer treatment.
Sohu.com (Nasdaq: SOHU) disappointed with lower third quarter earnings as expenses soared.
Edwards Lifesciences (NYSE: EW) reported higher third quarter earnings and revenue but the company forecast current quarter results below expectations.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on both the NYSE and on Nasdaq. The broader S&P 500 added a point to 1761.
