Flat Open As Japanese Economy Contracts
It was a flat open for the markets with the Dow edging up a point to 12,816 while Nasdaq added 3 points to 2908 on news that the Japanese economy contracted by 3.5% last quarter.
On the upside
Precision Castparts will acquire Titanium Metals (NYSE: TIE) in an all cash deal valued at approximately $2.9 billion.
Myrexis (Nasdaq: MYRX) will liquidate its assets and distribute between $2.72 to $2.91 per share to shareholders.
Gilead (Nasdaq: GILD) reported impressive results from a mid-stage trial using a combination of sofosbuvir, ribavirin and GS-5885 to treat hepatitis C. On the downside
Clovis Oncology (Nasdaq: CLVS) halted development of its pancreatic cancer treatment CO-101 after disappointing late stage results.
Star Scientific (Nasdaq: STSI) warned that it will run out of cash by the first quarter of 2013 and reported that it received only $5 million from a patent infringement suit against R. J. Reynolds (NYSE: RAI).
Molycorp (NYSE: MCP) continued falling after announcing on Friday that the Securities and Exchange Commission has been investigating the rare earth metals company for inaccurate disclosures.
In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while advancers outpaced decliners by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 796.
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