On the upside
Dex One (NYSE: DEXO) will merge with SuperMedia (Nasdaq: SPMD) to create a new company with an annual revenue of approximately $3.1 billion.
Shares of Qihoo (NYSE: QIHU) rose ahead of its earnings release after market close.
On the downside
Second quarter earnings plunged for Best Buy (NYSE: BBY) to fall far short of analyst expectations as sales slipped prompting the consumer electronics retailer to withdraw its full year outlook. JP Morgan Chase cut its price target on Molycorp (NYSE: MCP) to $8.50 from $11.50.
Barclays Capital downgraded Groupon (Nasdaq: GRPN) to an Underweight rating and slashed its price target from $15.00 to $4.00.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 823.