On the upside
Investor Icahn offered a $6 billion load to CIT (NYSE: CIT) although analysts suggested a bankruptcy was still possible that would give control of the company to note holders.
Sprint (NYSE: S) offered $426 million in cash to buy affiliate iPCS (Nasdaq: IPCS).
Allion Healthcare (Nasdaq: ALLI) received a $6.60 cash bid from a private equity firm.
On the downside
Hasbro (NYSE: HAS) posted slightly lower revenues and higher profits as the toy maker reined in costs.
Callaway Golf (NYSE: ELY) offered a lower outlook for its 3rd quarter. Analysts promptly downgraded the stock.
PetMed Express (Nasdaq: PETS) reported profits that met expectations, but missed revenue targets.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 618.
