While investors embraced the auto bailout plan, the markets traded near the flatline during the midday as investors wondered whether the bailout be enough to change the industry. The Dow eased a fraction to 8605 while Nasdaq gained 14 points to 1567.
On the upside
Provident Bankshares (Nasdaq: PBKS) agreed to be acquired by M&T Bank (NYSE: MTB) for approximately $401 million in an all stock deal.Brinker International (NYSE: EAT) sold a majority stake of its Romano's Macaroni Grill to an affiliate of Golden Gate Capital for $130 million to $135 million in cash.
Shares of Micron Technology (NYSE: MU) continued to climb after announcing an extended life flash storage technology that it developed with Sun Microsystems (Nasdaq: JAVA).
On the downside
The partnership between Dynavax Technologies (Nasdaq: DVAX) and Merck & Co. (NYSE: MRK) to develop the hepatits B vaccine Heplisav ended. The FDA cited safety issues for halting Heplisav studies in March.
Citi Investment Research downgraded Fluor (NYSE: FLR) saying that the engineering and construction company's stock price was too high.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE and by more than 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 489.
