Markets Slip Into Negative Territory At Midday
The markets turned negative during the midday with the Dow slipping 24 points to 13,082 as power outages continued to plague many traders. Nasdaq fell 19 points to 2968.
On the upside
PVH (NYSE: PVH) will acquire Warnaco Group (NYSE: WRC) in a cash and stock deal valued at approximately $2.9 billion.
General Motors (NYSE: GM) reported lower third quarter earnings but the results beat analyst expectations by a wide margin.
CommVault Systems (Nasdaq: CVLT) reported higher second quarter earnings and revenue on Monday that beat analyst expectations. On the downside
GT Advanced Technologies (Nasdaq: GTAT) warned that third quarter revenue would be at the low end of its forecast and announced plans to eliminate 25% of its workforce.
National Bank of Greece (NYSE: NBG) must hold another shareholder meeting to vote on the acquisition offer made for rival Eurobank.
Vivus (Nasdaq: VVUS) will release third quarter results before market open on Tuesday, November 6, 2012.
In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE while decliners edged out advancers by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 813.
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