Mergers And Acquisitions Lift Markets To Higher Open
Mergers and acquisitions lifted the markets to a higher open with the Dow rising 28 points to 11,852. Nasdaq edged up a point to 2688.
On the upside
Alpha Natural Resources (NYSE: ANR) will acquire Massey Energy (NYSE: MEE) in a cash and stock deal valued at approximately $7.1 billion.
The Food and Drug Administration approved Depomed's (Nasdaq: DEPO) once daily treatment for shingles Gralise.
NPS (Nasdaq: NPSP) reported positive results from a Phase 3 clinical trial of its adult short bowel syndrome treatment Gattex.
On the downside
UBS downgraded Ciena (Nasdaq: CIEN) to a Sell rating.
A federal judge will allow Starbucks (Nasdaq: SBUX) to unilaterally end its distribution partnership with Kraft Foods (NYSE: KFT).Morgan Keegan downgraded Synovus Financial (NYSE: SNV).
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE while decliners edged out advancers by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points 777.
