Earnings Lift Markets To Higher Open
January 23, 2013 at 01:42 AM EST
The markets opened higher with the Dow rising 56 points to 13,768 on upbeat earnings. Nasdaq gained 10 points to 3154. On the upsideMAP Pharmaceuticals (Nasdaq: MAPP) will be acquired by Allergan (NYSE: AGN) for a premium of approximately $958 million in cash.Advanced Micro Devices (NYSE: AMD) widened fourth quarter losses as revenue fell but the results were better than expected.Cree (Nasdaq: CREE) reported higher second quarter earnings and revenue and forecast current quarter results above estimates.On the downsideCoach (NYSE: COH) reported higher second quarter earnings and revenue but the results missed analyst expectations. Molycorp (NYSE: MCP) warned of that revenue for the first half of 2013 would fall far short of its previous forecast and announced plans to sell $200 million worth of common shares and $100 million in convertible senior notes.BMO Capital Markets downgraded IAMGOLD (NYSE: IAG) to a Market Perform rating.In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on both the NYSE and on Nasdaq. The broader S&P 500 index eased a point to 1491.
