On the upside
Atheros Communications (Nasdaq: ATHR) announced plans to acquire Intellon (Nasdaq: ITLN) in a cash and stock deal valued at approximately $244 million.
Cadbury (NYSE: CBY) rejected Kraft Foods (NYSE: KFT) $16.7 billion acquisition offer saying that the bid was too low prompting an upgrade.
Fairfax Financial Holdings announced that it will acquire Odyssey Re Holdings (NYSE: ORH).
On the downside
Morgan Joseph downgraded Spectrum Pharmaceuticals (Nasdaq: SPPI).
Former director of the Federal Housing Finance Agency James Lockhart said that he does not expect Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) to repay the federal government in full.
Shares of Bank of Granite (Nasdaq: GRAN) continued to fall after the company signed a cease and desist order with the FDIC.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 574.
