Markets Flat As Europe Explores Currency Stabilization Measures
The markets traded flat during the midday with the Dow easing a fraction to 11,381 as European finance ministers discussed currency stabilization measures. Nasdaq added a point to 2592.
On the upside
Borders Group's (NYSE: BGP) largest shareholder Pershing Square Capital, which is managed by activist investor William A. Ackman, offered to finance an all cash $960 million acquisition offer for Barnes & Noble (NYSE: BKS).
Sprint (NYSE: S) will begin phasing out its Nextel unit in 2013, which has been losing subscribers since 2005.
Stifel Nicolaus analyst Amir Arif upgraded Sandridge Energy (NYSE: SD) to a Buy rating saying that asset sales will increase cash.
On the downside
Silvercorp Metals (NYSE: SVM) announced the sale of 8 million common shares through a bought deal agreement.
The law offices of Robbins Umeda LLP launched an investigation into possible breach of fiduciary responsibilities by Lender Processing Servics (NYSE: LPS).
Mecox Lane (Nasdaq: MCOX) said that it has not been served with any class action complaints and asserted that any complaints are without merit.
In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE while advancers edged out decliners by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 759.
