On the upside
R. R. Donnelley (Nasdaq: RRD) will pay approximately $481 million in cash to acquire Bowne & Co. (NYSE: BNE), which values the company at a 65% premium over Tuesday's closing price.
A Food and Drug Administration advisory panel recommended approval for Salix Pharmaceuticals' (Nasdaq: SLXP) Xifaxan to treat a liver disorder.
Autodesk (Nasdaq: ADSK) swung to a profit that beat analyst expectations prompting an upgrade.
On the downside
Although Stec (Nasdaq: STEC) reversed year ago losses to post a fourth quarter profit, earnings fell short of estimates and the company warned of losses in the first quarter.
Century Aluminum (Nasdaq: CENX) narrowed fourth quarter losses but missed expectations.
While fourth quarter earnings for Garmin (Nasdaq: GRMN) beat expectations, the navigation device maker warned that margins will drop in 2010 due to lower prices and increased competition.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 4 points to 629.
