China reported a greater than expected trade deficit in February of $31.48 billion. The markets opened mixed with the Dow adding 14 points to 12,936 while Nasdaq lost 4 points to 2983.
On the upside
Youku (NYSE: YOKU) will merge with rival Tudou (Nasdaq: TUDO) in an all stock deal valued at approximately $1.1 billion.
Asahi Kasei will pay approximately $2.21 billion in cash to acquire Zoll Medical (Nasdaq: ZOLL).
Clean Diesel Technologies (Nasdaq: CDTI) reversed year ago losses to post a profit for the fourth quarter as revenue surged.
On the downside
Tranzyme Pharma's (Nasdaq: TZYM) experimental bowel medication ulimorelin failed a late stage clinical trial.
Anthera Pharmaceuticals (Nasdaq: ANTH) stopped a late stage clinical trial of its cardiovascular disease treatment varespladib because the drug was ineffective.
Wedbush downgraded Heckmann (NYSE: HEK) to an Underperform rating.
In the broad market, declining issues outpaced advancers by a margin of 7 to 5 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 814.
