Mixed Open Over European Bailout Concerns
The markets opened mixed with the Dow losing 49 points to 11,154 over concerns that more bailouts will be needed to stabilize the European economy. Nasdaq rose 5 points to 2523.
On the upside
Attachmate will pay approximately $2.2 billion in cash to acquire Novell (Nasdaq: NOVL).
Green Mountain Coffee Roasters (Nasdaq: GMCR) must restate earnings for the past three fiscal years along with the first three quarters of the current fiscal year after discovering accounting errors. The coffee company clarified that there was no misconduct related to the errors.
Jefferies & Co. upgraded Cirrus Logic (Nasdaq: CRUS) to a Buy rating.
On the downside
Shares of Allied Irish Banks (NYSE: AIB) and The Governor and Company of The Bank of Ireland (NYSE: IRE) fell on concerns that the European Union bailout will dilute shareholders.
Investors locked in profits on MELA Sciences (Nasdaq: MELA).
Fitch Ratings downgraded Regions Financial (NYSE: AGO) long-term Issuer Default Rating on Friday.
In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a point to 725.
