Stocks Edge Higher as Investors Remain Cautious

Stocks opened higher on some bargain hunting as investors continued to wait for an elusive economic stimulus package. The Dow edged up 14 points to 7903 while Nasdaq held steady at 1524.

On the upside

CB Richard Ellis Group (NYSE: CBG) reported better than expected revenues and earnings as the world's largest commercial real estate services firm captured more market share.

General Cable (NYSE: BGC) posted higher revenues and a smaller profit that beat estimates on more fiber optic cable contracts.

Shares of Fidelity National Information Services (NYSE: FIS) rose after the financial transaction services company posted higher revenues and earnings.

On the downside

Industrial real estate investment trust ProLogis (NYSE: PLD) took a 4th quarter due to one-time charges while lowering its profit outlook for 2009.

Research in Motion (Nasdaq: RIMM) warned that it may miss profit targets due to users keeping their old cellphones longer and not upgrading as readily. Analysts promptly lowered their estimates.

Nvidia (Nasdaq: NVDA) posted a 4th quarter loss as the graphic chip maker reported a steep drop in revenues.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 447.