Pending home sales rose more than expected last month but the nation's economy expanded at a much slower pace in the first quarter of 2011. The markets opened mixed with the Dow rising 13 points to 12,704 while Nasdaq slipped 6 points to 2863.
On the upside
Vital Images (Nasdaq: VTAL) agreed to be acquired by Toshiba Medical Systems for approximately $273 million in cash.
Citrix (Nasdaq: CTXS) reported higher first quarter earnings that surpassed analyst expectations prompting the virtual computing solutions firm to lift its full year guidance.
First quarter earnings rose for Aetna (NYSE: AET) to top estimates prompting the health insurer to raise its outlook for the full year. The company also announced that it will acquire Prodigy Health Group for approximately $600 million.
On the downside
Akamai Technologies (Nasdaq: AKAM) reported higher first quarter earnings as revenue rose but the company forecast second quarter sales below expectations.
OfficeMax (NYSE: OMX) disappointed with sharply lower first quarter earnings that fell far short of analyst expectations.
Eastman Kodak (NYSE: EK) swung to a wider than expected loss for the first quarter as revenue tumbled.
In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 7 on the NYSE while decliners edged out advancers by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 859.
