The markets opened lower with the Dow slipping 18 points to 11,964 as Greece prepared to select a new leader. Nasdaq lost 20 points to 2665.
On the upside
A consortium led by Siris Capital will pay a premium of approximately $780 million in cash to acquire Tekelec (Nasdaq: TKLC).
Force Protection (Nasdaq: FRPT) agreed to by acquired by General Dynamics (NYSE: GD) for approximately $360 million. The defense contractor also announced that it returned to a better than expected profit for the third quarter.
Jefferies (NYSE: JEF) reduced its holdings in European debt by half.
On the downside
OmniVision Technologies (Nasdaq: OVTI) cut its second quarter revenue outlook.
Citigroup downgraded Alcatel-Lucent (NYSE: ALU) to a Sell rating.
Concerns that Diamond Foods' (NYSE: DMND) acquisition of the Pringles brand from Proctor & Gamble sank shares of the snack foods company.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while decliners edged out advancers by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 744.
