GDP Grows But Markets Slip Over Fiscal Cliff
The nation's economy expanded at a greater than expected pace in the third quarter but fiscal cliff concern weighed the markets down to a lower open with the Dow slipping 5 points to 13,246. Nasdaq lost 6 points to 3038.
On the upside
IntercontinentalExchange (NYSE: ICE) will pay approximately $8.2 billion to acquire rival NYSE Euronext (NYSE: NYX).
Rite Aid (NYSE: RAD) swung to its first profit in more than five years and lifted its earnings outlook for fiscal 2013.
A Swiss newspaper reported that Roche may have offered to acquire Illumina (Nasdaq: ILMN) at a premium of approximately $8.1 billion.
On the downside
Allscripts Healthcare Solutions (Nasdaq: MDRX) replaced chief executive Glen Tullman with board member Paul Black and ended efforts to explore strategic alternatives. Amicus Therapeutics (Nasdaq: FOLD) reported that its Fabry disease treatment migalastat HCI failed a late stage clinical trial.
Bed Bath & Beyond (Nasdaq: BBBY) reported higher third quarter earnings and revenue but the company forecast current quarter and full year earnings below expectations.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE decliners barely edged out advancers by a slim margin on Nasdaq. The broader S&P 500 index edged up a fraction to 1436.
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