Mixed Open Over Spanish Bank Concerns
The markets opened mixed with the Dow slipping 12 points to 13,502 while Nasdaq rose 12 points to 3126 after Moody's said that capital shortfall of banks in Spain may be greater than expected.
On the upside
The Times of London reported that Roche may offer a premium of $60 per share to acquire Illumina (Nasdaq: ILMN).
The Food and Drug Administration granted orphan drug status to Cell Therapeutics' (Nasdaq: CTIC) brain cancer treatment Opaxio.
AMD (NYSE: AMD) introduced its second generation AMD A-Series Accelerated Processing Units for desktop, small form-factor and home theater PCs.
On the downside
ArQule (Nasdaq: ARQL) ended a Phase 3 MARQUEE clinical trial for failing to increase overall survival.
Express (NYSE: EXPR) cut its earnings guidance for the third quarter as traffic in September weakend and the clothing retailer discounted more.
Fifth & Pacific (NYSE: FNP) blamed weakness in its Juicy Courture brand for lowering its full year forecast.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 839.
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