Higher Open After Obama Met With Boehner
The markets opened modestly higher with the Dow rising 23 points to 13,178 after President Barack Obama and House Speaker John Boehner met yesterday to discuss the fiscal cliff. Nasdaq gained 9 points to 2987.
On the upside
Canadian regulators approved CNOOC's $15.1 billion offer to acquire Nexen (NYSE: NXY).
Honeywell (NYSE: HON) will pay a premium of approximately $603.4 million in cash to purchase Intermec (NYSE: IN).
Geron (Nasdaq: GERN) reported upbeat results from a Phase 2 clinical trial of its essential thrombocythemia treatment imetelstat.
On the downside
A Food and Drug Administration panel recommended that the regulatory agency not approve Zogenix's (NYSE: NXY) moderate to severe pain treatment Zohydro.
Oppenheimer suggested that investors take a cautious approach to Nokia (NYSE: NOK).
Investors locked in profits on Groupon (Nasdaq: GRPN), whose stock price soared last week on rumors that Google (Nasdaq: GOOG) was interested in acquiring the company.
In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 7 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 824.
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