Profit Taking Weighs Down Markets
The markets recovered from earlier losses but still closed lower with the Dow losing 42 points to 7976 as investors locked in profits. Nasdaq fell 15 points to 1607.
Apollo Management offered to take Legacy Reserves (Nasdaq: LGCY) private in a deal valued at approximately $435 million.
Three Satyam Computer (NYSE: SAY) executives have been arrested for accounting fraud.
On the upside
SumTotal's (Nasdaq: SUMT) largest shareholder private equity firm Vista Equity Partners offered approximately $103 million to acquire the employee management software company.Apollo Management offered to take Legacy Reserves (Nasdaq: LGCY) private in a deal valued at approximately $435 million.
Three Satyam Computer (NYSE: SAY) executives have been arrested for accounting fraud.
On the downside
FTN Equity Capital downgraded F.N.B. Corp. (NYSE: FNB).
Credit Suisse analyst Steve Benyik downgraded Alexandria Real Estate Equities (NYSE: ARE).
Calyon Securities analyst Mike Mayo initiated coverage of Bank of America (NYSE: BAC), Citigroup (NYSE: C) and Well Fargo (NYSE: WFC) all with an Underperform rating.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 448.
