Mixed Open Over Mixed Earnings
The markets opened mixed with the Dow gaining 48 points to 11,835 while Nasdaq slipped 3 points to 2751 over mixed corporate earnings reports.
On the upside
Regional bank Sterling Bancshares (NYSE: SBIB) agreed to be acquired by Comerica (NYSE: CMA) in an all stock deal valued at approximately $1.03 billion.
Ariad Pharmaceuticals (Nasdaq: ARIA) reported positive results from a late stage clinical trial of its bone sarcoma treatment ridaforolimus.
Pluristem Therapeutics (Nasdaq: PSTI) will proceed with a joint Food and Drug Administration and European Medical Agencies advanced clinical study of its peripheral artery disease treatment PLX-PAD.
On the downside
The Food and Drug Administration issued a Complete Response Letter to Alexza Pharmaceuticals (Nasdaq: ALXA) for its treatment of agitation in schizphrenia or bipolar disorder patients AZ-004.
Borders (NYSE: BGP) eliminated 45 positions at its corporate headquarters.
Citigroup (NYSE: C) reversed year ago losses to post a profit for the fourth quarter but the results fell far short of analyst expectations.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by a margin of nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 802.
