Strong Same Store Sales Lift Markets

Better than expected November same store sales lifted the markets to a higher open with the Dow adding 4 points to 12,049. Nasdaq rose 14 points to 2635.

On the upside

Synopsys (Nasdaq: SNPS) will acquire Magma Design Automation (Nasdaq: LAVA) in a deal valued at approximately $507 million.

Transcept Pharmaceuticals (Nasdaq: TSPT) announced that Purdue Pharma will commercialize Transcept's middle-of-the-night awakening insomnia treatment Intermezzo in the United States.

Charming Shoppes (Nasdaq: CHRS) narrowed third quarter losses, announced that it will divest its Fashion Bug business and will engage in a strategic review to enhance shareholder value.

On the downside

Lululemon Athletica (Nasdaq: LULU) reported higher third quarter earning but revenue fell short of expectations.

Scorpio Tankers (NYSE: STNG) priced its public offering of 7 million common shares at the discounted price of $5.50 per share.

Gildan Activewear (NYSE: GIL) reported lower fourth quarter earnings and forecast first quarter results below estimates.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by a margin of more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 734.

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