Mixed Open Over Mixed Data
November home prices rose signaling a continuing recovery trend but January consumer confidence fell over tax concerns. The markets opened mixed with the Dow rising 29 points to 13,911 while Nasdaq lost 15 points to 3139.
On the upside
Boston Scientific (NYSE: BSX) reported lower fourth quarter earnings and revenue but the medical device maker announced the elimination of up to 1,000 jobs in order to save $100 million to $115 million per year.
Stifel Nicolaus lifted its price target on Keryx Biopharmaceuticals (Nasdaq: KERX) from $4 to $13 per share.
Elliott Management acquired a 4% stake in Hess (NYSE: HES) and recommended that the energy company split into three separate businesses.
On the downside
EMC (NYSE: EMC) reported higher fourth quarter earnings and revenue that topped analyst estimates but the company forecast 2013 results below expectations. Anacor Pharmaceuticals (Nasdaq: ANAC) reported positive trial results for its toenail fungus treatment tavaborole but current approved medications are just as effective or more effective than tavaborole.
VMware (NYSE: VMW) reported higher fourth quarter earnings and revenue but the company forecast disappointing 2013 results prompting downgrades.
In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while decliners outpaced advancers by more than 7 to 5 on Nasdaq. The broader S&P 500 index held steady at 1500.
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