Fiscal Cliff Talks May Reopen, Markets Open Higher
The markets opened higher with the Dow gaining 51 points to 13,186 as Republican House Speaker John Boehner indicated a new stance on taxes for the wealthy which may reopen negotiations to address the fiscal cliff. Nasdaq rose 8 points to 2979.
On the upside
Dahlman Rose upgraded Delta Air Lines (NYSE: DAL) to a Buy rating.
The Food and Drug Administration granted Lexicon Pharmaceuticals' (Nasdaq: LXRX) irritable bowel syndrome treatment LX1033 fast track status.
A Seeking Alpha contributor listed Vivus (Nasdaq: VVUS) as one of seven biotechnology stocks for consideration in 2013.
On the downside
Sprint (NYSE: S) will pay approximately $2.2 billion to acquire the remaining 50% stake in Clearwire (Nasdaq: CLWR) that it does not already own. Shareholders were hoping for a higher price. Global Hunter Securities downgraded Endeavour International (NYSE: END) to an Accumulate rating from Buy and cut its price target from $13 to $9.
First Majestic Silver (NYSE: AG) will acquire Orko Silver in a cash and stock deal.
In the broad market, advancing issues outpaced decliners by a margin of 2 to 1 on the NYSE and by a margin of nearly 2 to 1 on Nasdaq. The broader S&P 500 index rose 6 points to 1420.
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