Higher Open On Strong Earnings
October 16, 2012 at 02:42 AM EDT
Strong earnings news lifted that markets to a sharply higher open with the Dow surging 110 points to 13,534. Nasdaq gained 16 points to 3081.On the upsideNew Frontier Media (Nasdaq: NOOF) will be acquired by LFP Broadcasting for a premium of $2.02 per share in cash. Domino’s Pizza (NYSE: DPZ) reported higher third quarter earnings and revenue that topped analyst expectations.Murphy Oil (NYSE: MUR) will separate into two different companies, one dedicated to retail sales and the other focused on oil exploration and production.On the downsideBloomberg reported that Sprint (NYSE: S) will not acquire the remaining shares of Clearwire (Nasdaq: CLWR) that it does not already own.Bankrate (NYSE: RATE) warned that third quarter earnings would fall short of expectations.Abnormal growths developed in some clinical trial patients treated with Isis Pharmaceuticals’ (Nasdaq: ISIS) Kynamro.In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by nearly 7 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 833.
