Breaking News Bar

Business News and Information

Opening Bell Report

Investors were mostly pleased with the latest batch of corporate earnings against the backdrop of a slowing economy. The Dow rose 46 points to 13,254 while Nasdaq surged 21 points to 2622 on hopes of a resilient software sector.

On the upside

Oracle (Nasdaq: ORCL) posted revenues and earnings that surpassed analysts' expectations late yesterday and issued an upbeat forecast for 2008.

Bear Stearns (NYSE: BSC) posted its first loss in the company's 84-year history due to significant exposure to mortgage-backed securities. The investment bank decided to pay a full dividend.

Athletic retailer Nike (NYSE: NKE) posted a healthy increase in sales and earnings due to strength from its European and Asian operations.

On the downside

Package courier FedEx (NYSE: FDX) posted a smaller profit to meet lowered expectations blaming high fuel costs and a sluggish U.S. economy.

Rite Aid (NYSE: RAD) continued to struggle as its quarterly losses widen while the pharmacy retail store operator lowered its 2008 forecast for a second time.

Investors worried about rising credit protection costs at MBIA (NYSE: MBI) which has significant exposure to more than $30 billion of collateralized debt obligations.

In the broad market, advancing issues outpaced decliners by a margin of 4 to 3 on the NYSE and by a margin of 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose a fraction to 754.

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
bottom clear