Drop In Home Construction Weighs Down Markets
November home construction slowed to weigh the markets down to a lower open with the Dow slipping 25 points to 13,325. Nasdaq lost 6 points to 3048.
On the upside
General Motors (NYSE: GM) will pay approximately $5.5 billion to repurchase 200 million shares of company stock from the Treasury.
Oracle (Nasdaq: ORCL) impressed with higher second quarter earnings that topped analyst estimates as revenue climbed.
Getco will pay a premium of approximately $1.4 billion in cash and stock to acquire Knight Capital (NYSE: KCG).
On the downside
Oncothyreon (Nasdaq: ONTY) reported disappointing results from a Phase 3 clinical trial of its lung cancer treatment L-BLP25. Navistar (NYSE: NAV) fell to a loss for the fourth quarter.
The Federal Trade Commission will oppose Integrated Device Technology's (Nasdaq: IDTI) proposed $330 million acquisition of PLX Technology (Nasdaq: PLXT).
In the broad market, declining issues edged out advancers by a slim margin on the NYSE while decliners outpaced advancers by more than 7 to 5 on Nasdaq. The broader S&P 500 index slipped 4 points to 1442.
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