Modestly Higher Open Even As Government Shuts Down

The markets opened modestly higher with the Dow rising 14 points to 15,143 even as the government shutdown. Nasdaq gained 16 points to 3788.

On the upside

Lexicon Pharmaceuticals (Nasdaq: LXRX) reported positive results from a study of its LX4211 in treating type 2 diabetes patients with renal impairment.

Sumitomo will pay a premium of $12 per share in cash to acquire Edgen Group (NYSE: EDG).

Canaccord Genuity upgraded Cree (Nasdaq: CREE) from a Hold rating to a Buy rating.

On the downside

Profit taking sank shares of Zalicus (Nasdaq: ZLCS).

Financial Times reported that Newmont Mining (NYSE: NEM) would bid on Glencore Xstrata's Las Bambas copper mining project.

Investors locked in profits on Restoration Hardware (NYSE: RH).

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 rose 5 points to 1686.

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