Investor optimism that the Federal Reserve will take action to stimulate the faltering economy lifted the markets to a higher open with the Dow rising 13 points to 11,020. Nasdaq gained 6 points to 2408.
On the upside
Harbin Electric (Nasdaq: HRBN) chief executive Tianfu Yang and Baring Private Equity Asia Group offered $24 per share to take the company private.
The Food and Drug Administration approved Warner Chilcott's (Nasdaq: WCRX) next generation delayed release osteoporosis treatment Atelvia.
LDK Solar (NYSE: LDK) raised its third quarter revenue and wafer shipment outlook.
On the downside
The Food and Drug Administration issued a Complete Response Letter to Alexza Pharmaceuticals (Nasdaq: ALXA) saying that the company's agitation treatment for schizophrenia patients AZ-004 is not ready for approval due to safety concerns.
Cemex (NYSE: CX) will acquire Ready Mix USA's shares in their two joint ventures.
Hudson Securities downgraded MGM Resorts (NYSE: MGM).
In the broad market, advancing issues outpaced decliners by a margin of 9 to 7 on the NYSE while decliners edged out advancers by 10 to 9 on Nasdaq.
