Gain In Consumer Sentiment Lifts Markets To Higher Open
August 17, 2012 at 02:40 AM EDT
Consumer sentiment climbed more than expected in August to lift the markets to a higher open with the Dow rising 15 points to 13,265. Nasdaq added 2 points to 3065.On the upsideAnn (NYSE: ANN) reported higher second quarter earnings that surpassed analyst expectations as revenue rose. Second quarter earnings for Gap (NYSE: GPS) climbed to top analyst estimates prompting the clothing retailer to lift its full year guidance.Canaccord Genuity upgraded GT Advanced Technologies (Nasdaq: GTAT) to a Buy rating.On the downsideSecond quarter earnings plunged for Marvell Technology (Nasdaq: MRVL) to miss expectations. Molycorp (NYSE: MCP) priced its public offering of 12 million common shares at the discounted price of $10 per share.Aeropostale (NYSE: ARO) reported lower second quarter earnings and forecast third quarter income below analyst expectations.In the broad market, advancing issues barely edged out decliners by a slim margin of nearly 10 to 9 on the NYSE while decliners outpaced advancers by more than 10 to 8 on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 813.