On the upside
3Com (Nasdaq: COMS) received a $2.7 billion takeover bid from Hewlett-Packard (NYSE: HPQ) to help the computing giant expand its networking equipment product line. Shares of Brocade Communications (Nasdaq: BROC) fell as speculation ended that the networking gear was also targeted by HP for an acquisition.
Wal-Mart Stores (NYSE: WMT) reported higher revenues and 3rd quarter profits while raising its outlook for the year. Sales at U.S stores opened for at least a year edged lower, but overseas growth picked up the difference.
On the downside
Green Mountain Coffee Roasters (Nasdaq: GMCR) posted 4th quarter profits that doubled, but lowered its guidance for the 1st quarter.
Tetra Tech (Nasdaq: TTEK) reported better than expected 4th quarter results, but offered an earnings outlook that missed analysts' estimates. The company provides engineering services.
James River Coal (Nasdaq: JRCC) raised $125 million in convertible senior notes.
In the broad market, declining issues outpaced advancers by a slim margin on the NYSE, but were narrowly edged out on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 593.