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US: Stocks up as Lockheed Martin seals Sikorsky deal

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[NEW YORK] US stocks opened slightly higher Monday following solid earnings from Morgan Stanley and others and news that Lockheed Martin will buy Sikorsky Aircraft from United Technologies for US$9 billion.

Five minutes into trade, the Dow Jones Industrial Average was at 18,096.66, up 10.21 points (0.06 per cent).

The broad-based S&P 500 added 0.55 (0.03 per cent) at 2,127.19, while the tech-rich Nasdaq Composite Index advanced 6.07 (0.12 per cent) to 5,216.21.

Morgan Stanley vaulted 1.4 per cent higher as second-quarter earnings of 79 cents per share bested analyst expectations by five cents behind robust merger and acquisition advising activity.

Lockheed Martin rose 0.5 per cent and said the purchase of Sikorsky would add to its portfolio of aerospace and defence products. Dow member United Technologies dropped 0.6 per cent.

AFP