Markets Flat As Back-To-School Shopping Delayed
The markets traded flat with the Dow adding a point to 13,158 as consumers delayed back to school purchases. Nasdaq rose 6 points to 3076.
On the upside
IBM (NYSE: IBM) will pay approximately $1.3 billion to acquire human resources software and servicex firm Kenexa (NYSE: KNXA) .
Best Buy (NYSE: BBY) agreed to allow founder Richard Schulze access to nonpublic information in order to conduct due diligence.
The Food and Drug Administration approved Zalicus' (Nasdaq: ZLCS) chronic pain treatment Exalgo Extended Release Tablets in a 32 mg. dose.
On the downside
Thoma Bravo will take Deltek (Nasdaq: PROJ) private in a deal valued at approximately $1.1 million including the assumption of debt. Shares of Perfect World (Nasdaq: PWRD) fell ahead of its earnings release after market close.
TheStreet Ratings affirmed its hold rating on Vale (NYSE: VALE).
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 812.
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