Markets Are Higher Ahead Of The 3-Day Weekend

The markets are higher ahead of the long Memorial Day weekend, and as expected, both volume and the news flow are light.

The Dow up up 38 points (0.2%), the S&P is up 3 points (0.2%), and the Nasdaq is up 7 points (0.2%).

The big story of the day is Vladimir Putin's appearance on CNBC, during which he called the ouster of Ukrainian president Viktor Yanukovych a "coup d'état." Putin also said Russia's gas deal with China will enable the country to be a swing gas producer between Europe and Asia.

The biggest stock story of the day is Hewlett-Packard, which last night reported earnings, which were mistakenly released before the bell. The company reported an in-line quarter and announced another huge round of layoffs, with up to 16,000 employees potentially on the chopping block.

In morning trade HP shares are up more than 4%.

Some other stocks that are moving include:

• GameStop (GME) is up better than 5% after reporting better than expected earnings last night.
• PTC Therapeutics (PTCT) is up more than 50% after announcing that European regulators announced a positive opinion for the company's Duchenne muscular syndrome treatment.
• Aeropostale (ARO) shares are getting slammed, down 18%, after the teen retailer reported net sales that fell 12%. The company also said it expects operating losses of up to $54 million the second quarter. Its been a terrible week for retailers. The SPDR S&P Retail ETF (XRT) is down about 1% this week, while the S&P 500 has gained about 1%.
• Aruba Networks (ARUN) is getting smoked after earnings, down 15% after its earnings came in short of estimates.