Corporate Consolidations Lift Markets To Higher Open

Corporate consolidations lifted the markets to a higher open with the Dow rising 56 points to 12,008. Nasdaq gained 12 points to 2655.

On the upside

Private equity firm Vector Capital will pay approximately $281.8 million to acquire Gerber Scientific (NYSE: GRB).

Citi Venture Capital International will take Ness Technologies (Nasdaq: NSTC) private in an all cash deal valued at approximately $307 million.

Hiking boot maker Timberland (NYSE: TBL) will be acquired by VF Corp. (NYSE: VFC) for approximately $2 billion.

On the downside

Robert W. Baird downgraded Fairchild Semiconductor (NYSE: FCS) to a Neutral rating.

The Justice Department is investigating the production and distribution process for seven of Gilead Sciences' (Nasdaq: GILD) drugs.

The Wall Street Journal reported that Regions Financial (NYSE: RF) may have to pay $200 million to settle civil charges by the Securities and Exchange Commission of fraud related to subprime securities committed by the bank's Morgan Keegan unit.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 783.