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Stocks Open Mixed as Investors Await Economic Reports
Monday November 02, 2009 - 08:45 AM EST
Blue chips rose while tech stocks were stagnant as investors awaited the latest reports on manufacturing and housing. The Dow added 34 points to 9747 while Nasdaq slipped 3 points to 2041.
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Blue chips rose while tech stocks were stagnant as investors awaited the latest reports on manufacturing and housing. The Dow added 34 points to 9747 while Nasdaq slipped 3 points to 2041.
On the upside Ford (NYSE: F) posted a surprise quarterly profit of $1 billion due to reduced interest expenses and growing market share in the automotive industry. Human Genome Sciences (Nasdaq: HGSI) and GlaxoSmithKline (NYSE: GSK) announced positive results for its lupus drug treatment and planned to get FDA approval in 2010. An analyst upgraded Continental Airlines (NYSE: CAL) to give its shares a lift. On the downside Commercial lender CIT (NYSE: CIT) filed for bankruptcy on Sunday after struggling for months to refinance its debt load. An analyst downgraded makers of smartphones and handsets. Shares of Research in Motion (Nasdaq: RIMM) and Palm (Nasdaq: PALM) fell. Chinese Internet companies may not grow as quickly due to piracy worries stifling innovation. Shares of Baidu (Nasdaq: BIDU), Sohu.com (Nasdaq: SOHU) and Netease.com (Nasdaq: NTES) lost ground. In the broad market, advancing issues outpaced decliners by a margin of 2 to 1 on the NYSE and by 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 567.
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