The markets opened modestly higher with the Dow rising 32 points to 12,727 as April retail sales edged up 0.1%. Nasdaq gained 16 points to 2918.
On the upside
Groupon (Nasdaq: GRPN) narrowed first quarter losses as revenue climbed to top estimates.
Renren (NYSE: RENN) reported a smaller than expected loss for the first quarter as revenue surged to beat expectations.
First quarter earnings climbed for Dick’s Sporting Goods (NYSE: DKS) as revenue rose to surpass analyst expectations.
On the downside
Fragrance company Coty withdrew its $10.7 billion offer to acquire Avon Products (NYSE: AVP).
Chesapeake Energy (NYSE: CHK) raised its bridge loan from $3 billion to $4 billion.
Patriot Coal (NYSE: PCX) blamed a possible client default for lowering its steelmaking coal sales outlook.
In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE while advancers outpaced decliners by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 780.
