Mixed Markets Open Over Mixed Earnings


The markets opened mixed with the Dow losing 28 points to 10,591 while Nasdaq added 2 points to 2348 over mixed earnings and the possibility of further airport closures due to volcanic eruptions in Iceland.

On the upside

Man Group will pay approximately $1.6 billion in cash and stock to acquire GLG Partners (Nasdaq: GLG).

The Wall Street Journal reported that Pactiv (Nasdaq: PTV) may be acquired by private equity firm Apollo Global Management.

Universal Health Services (NYSE: UHS) will acquire Psychiatric Solutions (Nasdaq: PSYS) in a deal valued at approximately $3.1 billion including the assumption of $1.1 billion in debt.

On the downside

Perfect World (Nasdaq: PWRD) reported higher first quarter results but forecast disappointing second quarter revenue.

While Lowe's (NYSE: LOW) reported higher first quarter income that topped analyst estimates, the home improvement store forecast second quarter earnings that fell short of expectations.

Massey Energy (NYSE: MEE) will declassify its board of directors.

In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 3 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 699.

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This page contains a single entry by published on May 17, 2010 6:43 AM.

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