Lower Open Over North Korea Concerns

Concerns about escalating tensions with North Korea weighed the markets down to a lower open with the Dow dropping 62 points to 14,503. Nasdaq lost 7 points to 3196.

On the upside

General Electric (NYSE: GE) will pay a premium of approximately $3.1 billion to acquire Lufkin Industries (Nasdaq: LUFK).

Rising cases of H7N9 avian flu in China lifted shares of flu treatment maker BioCryst Pharmaceuticals (Nasdaq: BCRX).

Trina Solar (NYSE: TSL) expects to become profitable in the second half of the year.

On the downside

Merz Pharma withdrew its $22 per share cash offer to acquire Obagi Medical Products (Nasdaq: OMPI).

J. P. Morgan downgraded Johnson & Johnson (NYSE: JNJ) to a Neutral rating.

The Food and Drug Administration extended the Prescription Drug User Fee Act goal date for reviewing Delcath Systems' (Nasdaq: DCTH) Melblez Kit.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 index slipped 3 points to 1549.

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