[R]9:30AM New York – U.S. stocks open higher. U.S. unemployment claims fall. Oil trades at elevated level.[/R]

Stocks traded higher at the opening after the release of earnings from Pier 1, Circuit City, Gerber Scientific and J M Smucker.

Sales at Circuit City and Pier 1 continue to decline but at J M Smucker and Gerber Scientific rose in the quarter.

Oil field services stock rose in the morning trading after Goldman Sachs recommended stocks in the sector.

European stocks edged lower and retail sales in the UK rose. Workers across Europe are demanding higher wages as food and housing cost rises.

Weekly claims of U.S. unemployment at the end of previous week fell 5,000 to 381,000 and insured unemployment rate declined to 2.3% from 2.4% in the prior week.

Earnings review

American Software, Inc, Business software maker said fourth quarter revenues declined 4% to $21.6 million from $22.4 million a year ago. Net income in the quarter declined 69% $900,000 or 3 cents per diluted share compared to net income of $2.9 million or 11 cents per share a year ago.

Software license revenue declined 29% to $4.7 million. Services and other revenue rose 5% to $9.6 million, while maintenance revenue rose 9% to $7.3 million. For the full fiscal 2008 year, the company earned $6.5 million, or 25 cents per share, compared with $8.4 million, or 33 cents per share, in the prior year. The company''s revenue rose to $89 million from $84.4 million in fiscal 2007.

American Software, Inc (AMSWA: chart) in the last one year traded as high as $13.35 in July 2007 and as low as $5.38 in March 2008. Based on the yesterday’s closing price the company has a market cap of $165.25 million.

Circuit City Stores, Inc, the electronics retailer reported first quarter revenues fell 7% to $2.30 billion from $2.49 billion a year ago. Net loss in the quarter was $164.8 million or $1 per diluted share compared to net loss of $54.6 million or 33 cents per share, a year ago.

Same-store sales dropped 11.3%.

Circuit City Stores, Inc (CC: chart) in the last one year traded as high as $16.53 in June 2007 and as low as $3.44 in January 2008. Based on the yesterday’s closing price the company has a market cap of $683.67 million.

Casella Waste Systems, Inc, a garbage collector and recycler said fourth quarter revenues rose 10% to $139.6 million from $126.7 million a year ago. Net loss in the quarter was $7.8 million or 31 cents per diluted share compared to net loss of $20.3 million or 80 cents per share, a year ago.

Operating expenses fell 8.4% to $134.1 million, from $146.4 million in the 2007 period. For the full year 2008, Casella posted a loss of $7.8 million or 31 cents per share, compared with a 2007 loss of $21.5 million, or 85 cents per share, for 2007. Revenue rose to $579.5 million from $531.3 million the year before.

Casella Waste Systems, Inc (CWST: chart) in the last one year traded as high as $16.20 in November 2007 and as low as $9.64 in March 2008. Based on the yesterday’s closing price the company has a market cap of $307.53 million.

Culp, Inc, maker of products used for covering mattresses and box springs said fourth quarter sales declined 14.37% to $64.0 million from $73.2 million a year ago. Net income in the quarter was $2.1 million or 16 cents per diluted share compared to net loss of $40,000 or break even per share a year ago.

For the fiscal year ended April 27, 2008, the company reported net sales of $254.0 million compared with $250.5 million for the same period a year ago. Net income for fiscal 2008 was $5.4 million or $0.42 per diluted share, compared with a net loss of $1.3 million or $0.11 per share, for fiscal 2007.

Culp, Inc (CFI: chart) in the last one year traded as high as $12.30 in July 2007 and as low as $6.12 in January 2008. Based on the yesterday’s closing price the company has a market cap of $89.20 million.

Healthways, Inc, Disease-management program administrator said third quarter revenues rose 14% to $191.4 million from $167.9 million a year ago. Net income in the quarter jumps 29% to $14 million or 39 cents per diluted share compared to net income of $11 million or 29 cents per share a year ago.