World Bank lowers Global Economic Outlook, markets open lower

The World Bank lowered its Global Economic Outlook sending the markets down to a lower open with the Dow falling 61 points to 16,884. Nasdaq lost 5 points to 4,332.

On the upside

Synaptics (Nasdaq: SYNA) will acquire Renesas for approximately $475 million.

Ulta Beauty (Nasdaq: ULTA) reported higher first quarter earnings and revenue that topped analyst estimates and forecast current quarter revenue ahead of expectations.

BioFuel Energy (Nasdaq: BIOF) will pay approximately $275 million to acquire JBGL Capital.

On the downside

Investors locked in profits on Achillion Pharmaceuticals (Nasdaq: ACHN).

The Food and Drug Administration extended its review of Orexigen Therapeutics' (Nasdaq: OREX) weight loss medication NB32.

Sterne Agee downgraded The Bancorp (Nasdaq: TBBK) from a Buy rating to a Neutral rating.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by 3 to 1 on Nasdaq. The broader S&P 500 lost 5 points to 1945. Bitcoin slipped $3.45 or 0.53% to $647.66.

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