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Strong Earnings Lift Markets To Higher Open

Strong earnings news lifted the markets to a sharply higher open with the Dow soaring 105 points to 13,069. Nasdaq climbed 25 points to 3032.

On the upside

Schlumberger (NYSE: SLB) reported higher first quarter earnings even as revenue slipped.

First quarter earnings slipped for Microsoft (Nasdaq: MSFT) but the results topped analyst estimates.

Hanesbrands (NYSE: HBI) fell to a loss for the first quarter but the results were better than expected.

On the downside

First quarter earnings plunged for Riverbed Technology (Nasdaq: RVBD) prompting downgrades.

SanDisk (Nasdaq: SNDK) disappointed with sharply lower first quarter earnings that fell short of expectations as revenue dropped.

Tempur-Pedic (NYSE: TPX) reported higher first quarter earnings that topped analyst estimates but the mattress maker forecast 2012 results below expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 798.

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