Higher Open Even As China Raises Interest Rates
The markets opened higher with the Dow rising 25 points to 12,187 despite an interest rate increase in China. Nasdaq added 3 points 2787.
On the upside
Conexant Systems (Nasdaq: CNXT) received an unsolicited all cash acquisition offer from Golden Gate Private Equity that topped an earlier bid by Standard Microsystems.
UBS lifted its price target on MGM Resorts (NYSE: MGM) to $15 per share yesterday.
Kindred Healthcare (NYSE: KND) will pay approximately $900 million in cash and stock to acquire competitor RehadCare Group.
On the downside
Although fourth quarter earnings for Teva Pharmaceuticals (Nasdaq: TEVA) more than doubled, the results fell short of expectations.
Avon (NYSE: AVP) disappointed with lower fourth quarter earnings that fell far short of analyst expectations as sales dropped.Opexa Therapeutics (Nasdaq: OPXA) priced its public offering of more than 4.1 million units at $2.05 per unit.
In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 808.
