Disappointing earnings weighed the markets down to a lower open with the Dow falling 40 points to 13,074. Nasdaq slipped 5 points to 3037.
On the upside
SXC Health Solutions (Nasdaq: SXCI) will acquire rival Catalyst Health Solutions (Nasdaq: CHSI) in a cash and stock deal valued at approximately $29.1 billion.
Ivanhoe Mines (NYSE: IVN) announced a $1.8 billion rights offering to common shareholders with a standby commitment from majority stakeholder Rio Tinto.
United Rentals (NYSE: URI) swung to a stronger than expected profit for the first quarter as revenue surged.
On the downside
Genworth Financial (NYSE: GNW) delayed the minority initial public offering of its Australian mortgage insurance business.
TheStreet defended its position that Arena Pharmaceuticals' (Nasdaq: ARNA) obesity treatment Lorcaserin faces many hurdles to regulatory approval.
Cree (Nasdaq: CREE) reported sharply lower third quarter earnings that missed analyst estimates.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 7 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 806.
