The markets opened lower with the Dow losing 21 points to 10,891 as construction spending rose modestly in August but remained below healthy levels for a strong economy. Nasdaq slipped 3 points to 2411.
On the upside
The Carlyle Group and Hellman & Friedman LP will take Pharmaceutical Production Development (Nasdaq: PPDI) private in an all cash deal valued at approximately $3.79 billion.
Focus Media Holding (Nasdaq: FMCN) increased its share repurchase plan to $650 million and affirmed its outlook for the third quarter.
Wells Fargo analyst Matthew Burnell said that Morgan Stanley's (NYSE: MS) credit exposure was below its peers.
On the downside
Sangamo BioSciences (Nasdaq: SGMO) halted development of its diabetic neuropathy treatment SB-509 after it failed a Phase 2b clinical trial.
Nomura cut its price target for Alcatel-Lucent (NYSE: ALU).
Arch Coal (NYSE: ACI) blamed production problems at a mine in West Virginia for lowering its outlook.
In the broad market, declining issues outpaced advancers by a margin of 3 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 646.
