On the upside
M&T Bank will acquire Hudson City Bancorp (Nasdaq: HCBK) in a cash and stock transaction valued at approximately $3.7 billion.
Hertz (NYSE: HTZ) will pay a premium of approximately $2.3 billion to acquire rival Dollar Thrifty Automotive (NYSE: DTG).
On the downside
A Seeking Alpha contributor expects Peregrine Pharmaceuticals (Nasdaq: PPHM) to drop. The Food and Drug Administration placed a clinical hold on Idenix Pharmaceuticals' (Nasdaq: IDIX) hepatitis C treatment IDX19368.
TheStreet Ratings upgraded Universal Display (Nasdaq: PANL) to a Buy rating but the stock price fell.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by more than 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 809.