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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.
Article Source: MarketMinute
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