The markets opened modestly higher with the Dow adding 5 points to 12,458 as first time jobless claims slipped. Nasdaq rose 7 points to 2809.
On the upside
TradeStation Group (Nasdaq: TRAD) will be acquired for approximately $411 million by Japanese online brokerage Monex Group.
Biogen Idec (Nasdaq: BIIB) reported higher first quarter earnings as Tysabri sales climbed.
First quarter earnings climbed for UnitedHealth (NYSE: UNH) to beat analyst expectations by a wide margin prompting the company to lift its full year outlook.
On the downside
Shares of Teva (Nasdaq: TEVA) tumbled after Biogen Idec (Nasdaq: BIIB) reported upbeat results from a clinical trial of its multiple sclerosis treatment BG-12. Teva is developing its own multiple sclerosis drug Iaquinimod.
Goldman Sachs analyst Catherine Leung downgraded Sina (Nasdaq: SINA) to a Sell rating.
Weatherford International (NYSE: WFT) reversed year ago losses to post a profit for the first quarter but the results fell short of analyst expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 840.
