The markets opened higher with the Dow rising 24 points to 10,833 after European officials indicated that financial assistance for Greece will most likely be provided. Nasdaq climbed 20 points to 2425.
On the upside
Level 3 Communications (Nasdaq: LVLT) completed its acquisition of Global Crossing and will eliminate hundreds of jobs to save costs.
Alcatel-Lucent (NYSE: ALU) was listed by a Seeking Alpha contributor as a stock under $10 with the potential to double.
Bargain hunters lifted shares of AMR (NYSE: AMR), whose stock price tumbled over bankruptcy concerns.
On the downside
Deutsche Bank cut its price target on Acme Packet (Nasdaq: APKT) to $50 from $60 after the company forecast third quarter results below analyst expectations.
Lufkin Industries (Nasdaq: LUFK) blamed shipment delays and materials shortages for slashing its third quarter guidance and the company forecast fourth quarter results that fell far short of analyst expectations.
Investors locked in profits on Molycorp (NYSE: MCP), whose stock price rose yesterday after announcing the development of a new rare earth deposit.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE and by more than 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 3 points to 652.
