Higher Open Over Corporate Consolidations
Corporate consolidations lifted the markets to a higher open with the Dow climbing 71 points to 12,164. Nasdaq gained 19 points 2788.
On the upside
Danaher will pay approximately $5.87 billion to acquire biomedical testing instruments firm Beckman Coulter (NYSE: BEC).
Pride International (NYSE: PDE) agreed to be acquired by Ensco (NYSE: ESV) in a cash and stock deal valued at approximately $7.31 billion.
Chesapeake Energy (NYSE: CHK) will raise more than $5 billion through the sale of natural gas properties in the Fayatteville shale, a natural gas field in Arkansas and stakes in other properties.
On the downside
Sysco (NYSE: SYY) blamed higher expenses for a drop in second quarter earnings.
Credit Suisse and McAdams Wright Ragen downgraded Weyerhauser (NYSE: WY).Brean Murray downgraded Yongye International (Nasdaq: YONG).
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks soared 7 points to 807.
