Disappointing Factory Orders Weigh Down Markets
The markets opened lower with the
Dow losing 8 points to 12,573 while Nasdaq eased a fraction to 2815 as factory orders rose less than expected in May.
On the upside
Private investment firm TPG Capital will acquire Immucor (Nasdaq: BLUD) for approximately $1.97 billion in cash.
Netflix (Nasdaq: NFLX) will launch an unlimited television show and movie streaming service in Latin America and the Caribbean at the end of 2011.
Energy Transfer increased its acquisition offer for Southern Union (NYSE: SUG) to $5.1 billion to top Williams' $4.9 billion bid for the pipeline company.
Satcon Technology (Nasdaq: SATC) lowered its second quarter revenue outlook, cut its gross margin guidance and eliminated 15% of its workforce.
Unnamed sources said that Nokia (NYSE:NOK) cut the prices of its smartphones in order to improve its shrinking market share of smartphones.
NetScout Systems (Nasdaq: NTCT) forecast first quarter results below analyst expectations and cut its full year outlook.
In the broad market, declining issues outpaced advancers by a margin of more than 9 to 7 on the NYSE and by 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost a point to 838.
