Higher open despite drop in new home sales

Sales of new homes dropped in January but the markets opened higher with the Dow 94 climbing points to 25,403. Nasdaq gained 36 points to 7373.


On the upside


Bargain hunters lifted shares of Macquarie Infrastructure (NYSE: MIC).


Spectrum Brands (NYSE: SPB) will merge with HRG (NYSE: HRG) in a deal valued at approximately $10 billion.


J.P. Morgan upgraded HP (NYSE: HPQ) from a Neutral rating to an Overweight rating.

On the downside


Jefferies downgraded Mattel (Nasdaq: MAT) from a Hold rating to an Underperform rating.


Morgan Stanley expects lithium prices to tumble 45% by 2021 sending shares of Albermarle (NYSE: ALB) tumbling.


Investors locked in profits on Momo (Nasdaq: MOMO).


In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 3 on the NYSE and by 6 to 5 on Nasdaq. The broader S&P 500 climbed 10 points to 2,757. Bitcoin leaped $509 to $10,195.


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