Merger and acquisition news lifted the markets to a modestly higher open with the Dow rising 26 points to 17,527. Nasdaq gained 14 points to 4,784.
On the upside
Arbor Pharmaceuticals will acquire Xenoport (Nasdaq: XNPT) for a premium of approximately $467 million in cash.
Luminex (Nasdaq: LMNX) increased its offer for Nanosphere (Nasdaq: NSPH) from $1.35 per share to $1.70 per share in cash.
Affiliates of Siris Capital Group offered a premium of approximately $643 million in cash to acquire Xura (Nasdaq: MESG).
On the downside
The former treasurer of one of Brazil's coalition parties was arrested in the ongoing graft investigation involving Petrobras (NYSE: PBR).
A German newspaper reported that German's Federal Motor Transport Authority found that Fiat Chrysler (NYSE: FCAU) illegally manipulated emissions controls.
Investors continued to lock in profits on Ocean Rig (Nasdaq: ORIG).
In the broad market, declining issues barely edged out decliners by a slim margin of nearly 10 to 9 on the NYSE while advancers outpaced decliners by more than 10 to 9 on Nasdaq. The broader S&P 500 held steady at 2,052. Bitcoin gained $3 to $442.
Modestly higher open on M&A news
May 23, 2016 at 10:48 AM EDT