The markets closed mixed despite JPMorgan's purchase of Bear Stearns at the surprisingly low price of $2 per share as the Federal Reserve agreed to allow investment firms access to emergency loans. The Dow rose 21 points to 11,972 while Nasdaq plunged 35 points to 2177.
On the upside
CSX (NYSE: CSX) expects first quarter earnings to soar as much as 48%.
Captaris (Nasdaq: CAPA) will be acquired by private equity firm Vector Capital for approximately $127 million.
PacificNet (Nasdaq: PACT) expects to report at least $60 million in revenue for 2008.
On the downside
A rumor that Focus Media (Nasdaq: FMCN) lost its service provider license sent shares of the company tumbling.
National City Corp. (NYSE: NCC) had been exploring strategic alternatives including the possible sale of itself to JPMorgan (NYSE: JPM) but that may no longer be an option after JPMorgan's purchase of Bear Stearns (NYSE: BSC).
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 15 points to 648.