Increase In Pending Home Sales Lifts Markets To Higher Open
An increase in pending home sales lifted the markets to a higher open with the Dow edging up 3 points to 10,272. Nasdaq gained 11 points to 2188.
On the upside
Private equity firm 3G Capital will acquire Burger King (NYSE: BKC) in a deal valued at approximately $4 billion, including the assumption of debt.
Orexigen Therapeutics (Nasdaq: OREX) will receive $50 million upfront in a development and sales agreement with Takeda Pharmaceuticals for the obesity treatment Contrave.
Pier 1 Imports (Nasdaq: PIR) reported that second quarter same store sales climbed 11.2%.
On the downside
Aspen Technology (Nasdaq: AZPN) disappointed by swinging to a fourth quarter loss as revenue plunged.
Abercrombie & Fitch (NYSE: ANF) reported higher same store sales growth of 6% in August but sales at its children's stores dropped 9%.
Although second quarter earnings rose Collective Brands (NYSE: PSS), the results fell short of expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 627.
