The markets opened mixed as investors awaited the Federal Reserve Bank's latest move on interest rates. The Dow slipped 13 points to 13,713 while Nasdaq added 4 points to 2723.
On the upside
Shares of Genesis Microchip (Nasdaq: GNSS) surged after Swiss semiconductor maker STMicroelectronics NV offered $336 million to buy the company.
FuelCell Energy (Nasdaq: FCEL) posted sharply higher revenues and a smaller loss. Analysts promptly upgraded the stock citing a better than expected product backlog.
Shares of Cisco Systems (Nasdaq: CSCO) continued to rally following a large order from AT&T.
On the downside
H&R Block (NYSE: HRB) offered early earnings guidance with expectations for a $500 million loss mostly due to mortgage write-downs and discontinued operations.
Washington Mutual (NYSE: WM) slashed its dividend while closing offices and letting go more than 3000 workers. The nation's largest savings and loan may also get diluted through a $2.5 billion convertible preferred stock offering.
Medarex (Nasdaq: MEDX) said a cancer drug missed its main goal in one of three studies.
In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE and by 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 793.