Flat Open As Greece Adopts Austerity Measures
The markets opened flat with the Dow edging up a fraction to 12,189 even as Greece adopted new austerity measures in order to receive a second bailout. Nasdaq slipped 4 points to 2724.
On the upside
BJ's Wholesale Club (NYSE: BJ) will be taken private in a deal valued at approximately $2.8 billion by Leonard Green and CVC Capital Partners.
Deutsche Bank upgraded U. S. Steel (NYSE: X) to a Buy rating.
Monsanto (NYSE: MON) reported sharply higher third quarter earnings that surpassed analyst expectations prompting the company to lift its full year outlook.
Shaw Group (NYSE: SHAW) disappointed by swinging to a loss for the third quarter as expenses rose while sales fell. The engineering company forecast fourth quarter results below expectations.
KB Homes (NYSE: KBH) blamed significant charges for widening second quarter losses more than expected.
Ashford Hospitality Trust (NYSE: AHT) priced its public offering of 7 million common shares at $12.50 per share.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE while decliners edged out advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 817.
