Higher open as personal income rises

A strong 0.3% gain in November personal income lifted the markets to a sharply higher open with the Dow surging 112 points to 17,529. Nasdaq gained 28 points to 5,030.

On the upside

Adamas Pharmaceuticals (Nasdaq: ADMS) reported positive results from a Phase 3 study of its ADS-5102 to treat levodopa-induced dyskinesia associated with Parkinson's disease.

Rovi (Nasdaq: ROVI) renewed its patent license agreement with AT&T (NYSE: T).

China Information Technology (Nasdaq: CNIT) regained compliance with the minimum bid price requirement for continued listing on Nasdaq.

On the downside

Shares of Great Basin Scientific (Nasdaq: GBSN) extended its losses.

Micron Technology (Nasdaq: MU) disappointed with lower first quarter earnings and revenue.

Bed Bath & Beyond (Nasdaq: BBBY) cut its third quarter earnings outlook.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 gained 11 points to 2,050. Bitcoin rose $5 to $440.

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