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Services Sector Expands, Markets Open Higher

The nation's services sector expanded more than expected in May to lift the markets to a higher open with the Dow rising 20 points to 12,121. Nasdaq gained 13 points to 2773.

On the upside

Westport Innovations (Nasdaq: WPRT) partnered with Caterpillar (NYSE: CAT) to develop natural gas technology for off-road equipment.

Zoom Technologies (Nasdaq: ZOOM) received significant mobile phone orders from Micromax of India and Maxtron of Indonesia.

Complete Genomics (Nasdaq: GNOM) retained the services of Jefferies & Co. to explore strategic alternatives.

On the downside

Akamai Technologies (Nasdaq: AKAM) stock fell after Netflix (Nasdaq: NFLX) announced plans to yesterday to build its own content delivery network.

Shuffle Master (Nasdaq: SHFL) reported higher second quarter earnings that were in line with analyst estimates but the stock price fell.

First quarter earnings soared for Dollar General (NYSE: DG) but revenue fell short of expectations.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 743.

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