Reply #33: 10:03 EST and some "damn we're happy!" numbers

[UpInArms]

Dow 10,868.47 +62.92 (+0.58%)
Nasdaq 2,233.81 +11.39 (+0.51%)
S&P 500 1,265.99 +6.37 (+0.51%)
10-Yr Bond 4.492 +0.26 (+0.58%)

NYSE Volume 305,870,000
Nasdaq Volume 231,833,000

9:40AM: As futures trade had presaged, the stock market started the session well above the unchanged mark. Strong economic growth, as reflected in the 4.1% read on Q3 GDP, and a bullish corporate front have helped catalyze early buying interest. A host of M&A deals include Google's (GOOG) $1 billion 5% stake in Time Warner's (TWX) AOL; Seagate Technology (STX) 1.9 billion bid for Maxtor (MXO); GE's reported offer for Arden Realty (ARI); and Allergen's (AGN) approximate $3 billion takeover of Inamed (IMDC). The earnings calendar is a bright one, with FedEx (FDX), ATI Technology (ATYT), CarMax (KMX), and Family Dollar (FDO) amongst the upside reporters; last night, Nike (NKE) beat EPS expectations, but disappointed with decelerated future orders. Other news on the bearish side of the aisle includes reports that Kirk Kerkorian's Tracinda has sold about 20% of its stake in GM.