Markets Open Lower, Fiscal Cliff Talks on Hold
With negotiations to avert the fiscal cliff on hold, investors remained on the sidelines for a shortened Christmas Eve trading session with the Dow losing 31 points to 13,158. Nasdaq gave up 6 points to 3014.
On the upside
Time Warner Cable (NYSE:TWC) is aiming to acquire Cablevision Systems Corporation's (NYSE:CVC) Optimum West business, according to a Bloomberg report.
Shares of discount apparel retailer TJX Companies (NYSE:TJX) rose on optimism for its $200 million purchase of Sierra Trading Post, in particular to boost online sales.
Shares of direct sales company Herbalife (NYSE: HLF) opened higher after eight straight losing session lifted by news of a stock buyback program.
On the downside
Pinnacle Entertainment (NYSE:PNK) announced plans to buy Ameristar Casinos(Nasdaq: ASCA) for about $869 million and $1.9 billion in debt.
Aegerion Pharmaceuticals (Nasdaq: AEGR) received FDA approval for its treatment of a rare cholesterol ailment despite possible risk of liver damage.
Shares of Alexza Pharmaceuticals (Nasdaq: ALXA) fell after the drug company received FDA approval for its treatment of schizophrenia and bipolar disorder.
In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 index lost 4 points to 1425.
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