On the upside
Tesoro (NYSE: TSO) will pay approximately $2.5 billion to acquire BP's Southern California refinery and marketing business.
Elan (NYSE: ELN) will spin-off its discovery science and Neotope Biosciences into a separate independent, publicly traded company.
On the downside
Knight Capital Group (NYSE: KCG) extended its losses. Standard & Poor's downgraded the credit rating of Thompson Creek Metals (NYSE: TC) from a B- to a CCC+ on Friday.
Goldman Sachs analyst Judy Hong downgraded Coca-Cola (NYSE: KO) to a Neutral rating due to slowing growth and rising competition.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 800.