Italy Votes On Budget Reform, Markets Open Higher

The markets opened higher with the Dow adding 8 points to 12,076 as the Italian Parliament prepared to vote on budget reforms. Nasdaq rose 17 points to 2712.

On the upside

McCormick & Schmick's (Nasdaq: MSSR) swung to a wider than expected loss for the third quarter and withdrew its previous outlook but the restaurant operator reported upbeat sales trends at its remodeled restaurants.


Bargain hunters lifted shares of Dynegy (NYSE: DYN), whose stock price fell yesterday after announcing the bankruptcy filing of one of its subsidiaries.


MGIC Investment (NYSE: MTG) reported a lower primary delinquent mortgage inventory in October and $1.4 billion in new insurance.

On the downside


Targacept (Nasdaq: TRGC) reported disappointing results from a late stage clinical trial of its depression treatment TC-5214.


Amylin Pharmaceuticals (NYSE: AMLN) and Eli Lilly ended their partnership over the diabetes drug Byetta with Amylin agreeing to pay Eli Lilly $250 million upfront and up to $1.2 billion in the future for rights to diabetes medications.

Energy Transfer Partners (NYSE: ETP) announced a public offering of 13.25 million common units.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by more than 3 to 1 on Nasdaq.

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