Factory Output Rises On Superstorm Sandy Rebound
The markets opened mixed with the Dow adding 3 points to 13,174 while Nasdaq lost 15 points to 2976 as the nation's factory output rose 1.1% in November due to a rebound from Superstorm Sandy.
On the upside
Alcatel-Lucent (NYSE: ALU) announced a $2.1 billion financing agreement with Credit Suisse (NYSE: CS) and Goldman Sachs (NYSE: GS).
Adobe Systems (Nasdaq: ADBE) reported higher fourth quarter earnings that beat analyst expectations.
PPG Industries (NYSE: PPG) will pay approximately $1.05 billion to acquire the North American paint unit of AkzoNobel.
On the downside
Best Buy (NYSE: BBY) extended the deadline for founder Richard Schulze to make an offer for the company to February 28, 2013.
VeriFone (NYSE: PAY) disappointed with sharply lower fourth quarter earnings and forecast current quarter results below expectations.
Cytori Therapeutics (Nasdaq: CYTX) priced its public offering of 7.02 million common shares at the discounted price of $2.85 per share.
In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE and by more than 10 to 9 on Nasdaq. The broader S&P 500 index lost 3 points to 1415.
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