Greece's Credit Rating Downgraded, Markets Close Flat
The markets closed flat with the Dow adding a point to 11,952 despite merger and acquisition activity as Standard & Poor's downgraded Greece's credit rating. Nasdaq lost 4 points to 2639.
On the upside
Transatlantic Holdings (NYSE: TRH) will merge with Allied World Assurance (NYSE: AWH).
William Blair initiated coverage of Boingo Wireless (Nasdaq: WIFI) with an Outperform rating while Deutsche Bank initiated coverage with a Buy rating.
Shares of Majesco Entertainment (Nasdaq: COOL) rose ahead of its earnings release after market close.
On the downside
Falling silver prices weighed down shares of First Majestic Silver (NYSE: AG).
Sino Clean Energy (Nasdaq: SCEI) fell over concerns that China's economy will slow.
Nomura analysts expect Samsung to dethrone Nokia (NYSE: NOK) as the world's largest mobile device maker.
