Opening Bell Report

The markets opened higher as oil prices continued to ease and the Federal Reserve Bank extended emergency lending program to banks. The Dow surged 140 points to 11,538 while Nasdaq climbed 20 points to 2339.

On the upside

Cable service provider Comcast (Nasdaq: CMCSA) posted higher 2nd quarter profits as subscribers shifted from basic services to higher-priced digital services.

Starent Networks (Nasdaq: STAR) reported 2nd quarter earnings that beat estimates. The stock rose boosted by a favorable court ruling that dismissed a majority of trade secret and patent infringement charges brought on by rival UTStarcom (Nasdaq: UTSI).

The airline sector continued to rally on lower oil prices. Shares of UAL (Nasdaq: UAUA) and AMR Corp. (NYSE: AMR) rose.

On the downside

Shares of Wyeth (NYSE: WYE) and Elan Corp. (NYSE: ELN) tumbled after the drug companies reported worrisome side effects for their Alzheimer's disease drug candidate.

Corning (NYSE: GLW) posted higher 2nd quarter profits due to strong demand for glass used in LCD and flat screen displays, but guidance for the current quarter were below expectations.

Personal navigation device maker Garmin (Nasdaq: GRMN) posted a 2nd quarter increase in profits, but cut it outlook for the rest of the year.


In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 5 points to 720.

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