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US stocks up as Expedia surges while LinkedIn tanks

AFP

US stocks rose in opening trade Friday as strong earnings from online travel site Expedia and biotech company Gilead Sciences offset a poor report from LinkedIn.

Five minutes into trade, the Dow Jones Industrial Average stood at 17,958.09, up 117.57 points (0.66 percent).

The broad-based S&P 500 gained 12.31 (0.59 percent) to 2,097.82, while the tech-rich Nasdaq Composite Index jumped 30.68 (0.62 percent) to 4,972.11.

Expedia surged 6.9 percent on first-quarter net income of $44.1 million, compared with a loss of $14.3 million last year. Sales rose 14 percent.

Gilead gained 2.2 percent after reporting that first-quarter net income nearly doubled to $4.3 billion.

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But online networking site LinkedIn sank 17.7 percent on a second-quarter revenue forecast of $670-$675 million, well below the $718 million projected by analysts.

US stocks have fallen the last two days following a weak first-quarter US economic growth report.