Markets Open Mixed As Crude Oil Spikes
Crude oil prices spiked over continued unrest in Egypt. The markets opened mixed with the Dow slipping 6 points to 12,055 while Nasdaq rose 4 points 2758.
On the upside
Silverleaf Resorts (Nasdaq: SVLF) agreed to be acquired by Cerberus Capital Management affiliate SL Resort Holdings in an all cash deal valued at approximately $94 million.
JDS Uniphase (Nasdaq: JDSU) reversed year ago losses to post a better than expected profit for the second quarter.
The Food and Drug Administration approved K-V Pharmaceutical's (NYSE: KVA) singleton preterm birth drug Makena.
On the downside
Power-One (Nasdaq: PWER) reported sharply higher fourth quarter earnings as revenue surged but the company forecast first quarter revenue below estimates.
Las Vegas Sands (NYSE: LVS) reversed year ago losses to post a profit for the fourth quarter but revenue fell short of expectations.GMX Resources (NYSE: GMXR) priced its offering of senior notes at 96.833% of their face amount.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 799.
