On the upside
As expected, Wyeth (NYSE: WYE) was acquired by Pfizer (NYSE: PFE) in a $68 billion deal.Shares of Dow Chemical (NYSE: DOW) rose as a pending acquisition of Rohm & Haas (NYSE: ROH) was delayed. Analysts expect the terms of the $15.4 billion buyout deal to be revised in Dow's favor.
American Depositary Receipts of Barclays PLC (NYSE: BCS) surged after the UK-based bank posted a profit for 2008 which beat expectations.
On the downside
Caterpillar (NYSE: CAT) posted lower profits and lowered its outlook for 2009. The maker of bulldozers and other construction equipment also announce plans to cut nearly 20,000 jobs.Shares of Sprint Nextel (NYSE: S) edged higher after the country's third-largest wireless provider announced plans to eliminate about 8,000 jobs.
PrivateBancorp (Nasdaq: PVTB) posted a larger than expected 4th quarter loss due to loan-loss charges.
In the broad market, advancing issues outpaced decliners by a margin
of 3 to 1 on the NYSE and by more than 3 to 1
on Nasdaq. The Russell 2000 which tracks small cap stocks added 7 points to 451.
