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Markets Open Higher as Consumer Sentiment Rises
Posted on February 24, 2012 at 10:04 AM EST
The markets opened higher with the Dow adding 16 points to reach the 13,000 point threshold as consumer sentiment rose to its highest level in a year . Nasdaq gained 8 points to 2964.
On the upside
Salesforce.com (NYSE: CRM) posted a 4th quarter loss to account for one-time compensation charges, but also reported higher revenues that beat expectations.
AIG (NYSE: AIG) posted $19.8 billion profit in the 4th quarter due to a tax benefit. A stock price of $29 a share means the U.S. government's holdings in the insurer is at break even.
Chelsea Therapeutics (Nasdaq: CHTP) received the nod from a Food and Drug Administration advisory committee for its drug treatment of neurological diseases. The stock surged more than 50%.
Shares of Vivus (Nasdaq: VVUS) extended its gains after a Food and Drug Administration advisory committee recommended approval
for the company's obesity treatment Qnexa.
On the downside
Rubicon Technologies (Nasdaq: RBCN) posted sharply lower 4th quarter profits and lowered its guidance for its current quarter to a loss. The company makes electronic components.
4th quarter sales and profits at Deckers Outdoor (Nasdaq: DECK) rose, but the footwear maker warned about rising costs.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 3 on the NYSE and were even on Nasdaq. The Russell 2000 which tracks small cap stocks down a fraction at 828.
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