Rising Crude Oil Prices Weigh Down Markets

The markets opened lower with the Dow losing 28 points to 10,540 despite an unexpected drop in initial applications for unemployment benefits as crude oil prices rose. Nasdaq lost 4 points to 2286.

On the upside

Trinity Industries (NYSE: TRN) will pay approximately $61 million in cash to purchase Quixote (Nasdaq: QUIX), more than twice the market value of the highway safety products maker.

Share of homeland security sensor technology company ICx Technologies (Nasdaq: ICXT) continued to surge in the wake of the attempted Christmas Day bombing.

Biodel (Nasdaq: BIOD) submitted a new drug application for its diabetes treatment VIAject to the Food and Drug Administration.

On the downside

China Valves Technology (Nasdaq: CVVT) will raise approximately $21.7 million through a registered direct offering of more than 2.4 million common shares.

Center Financial (Nasdaq: CLFC) warned of losses for the fourth quarter and announced plans to raise approximately $73.5 million through a private placement.

Regions Financial (NYSE: RF) surpassed its 2009 goal of opening 1 million new checking accounts for consumers and small businesses.

In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 7 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 633.

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