Productivity climbed more than expected in the third quarter while November job creations fell short of expectations. The markets opened mixed with the Dow rising 37 points to 12,989 while Nasdaq fell 19 points to 2977. On the upside
Freeport-McMoRan Copper & Gold (NYSE: FCX) will pay approximately $14.75 in cash to acquire McMoRan Exploration (NYSE: MMR) and $50 in cash and stock to buy Plains Exploration (NYSE: PXP). Nokia (NYSE: NOK) partnered with China Mobile to introduce its Lumia 920T in China and announced the January launch of the Lumia 620 in Asia. Peregrine Pharmaceuticals (Nasdaq: PPHM) reached an agreement with the Food and Drug Administration for the design of a Phase III trial of its brain cancer treatment Cotara. On the downside Mattress Firm Holding (Nasdaq: MFRM) reported better than expected third quarter earnings and revenue but the company forecast current quarter results below estimates and lowered its full year outlook. Tibco Software (Nasdaq: TIBX) warned that fourth quarter and full year results will miss analyst expectations. Third quarter earnings and revenue topped analyst estimates for Pandora Media (NYSE: P) but the online radio service warned of losses for the fourth quarter. In the broad market, advancing issues edged out decliners by a margin of nearly 10 to 9 on the NYSE while decliners outpaced advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 820.