Portugal May Need Bailout, Markets Open Lower

Reports that Portugal may need a bailout sent the markets down to a lower open with the Dow falling 62 points to 11,612. Nasdaq lost 11 points to 2691.

On the upside

Standard Microsystems (Nasdaq: SMSC)  will pay approximately $284 million including the assumption of debt to acquire Conexant Systems (Nasdaq: CNXT).

Playboy (NYSE: PLA) will be taken private for $6.15 per share by founder Hugh Hefner.

LDK Solar (NYSE: LDK) increased it fourth quarter and 2011 full year revenue guidance above analyst expectations.

On the downside

Strayer Education (Nasdaq: STRA) reported on Friday after market close that new student enrollment for the current school year plunged 20%.

FBR Capital Markets and Credit Suisse downgraded RadioShack (NYSE: RSH).

A district court issued a summary judgment that PDL BioPharma's (Nasdaq: PDLI) patent infringement suit against MedImmune was invalid.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 781.