The markets opened modestly higher with the Dow adding 3 points to 10,101 as economists affirmed growth in the second quarter but at a slower pace. Nasdaq rose 2 points to 2181.
On the upside
Ramius announced an all cash deal valued at approximately $184 million to acquire Cypress Bioscience (Nasdaq: CYPB).
Genco Distribution System will pay approximately $512.6 million in cash to purchase ATC Technology (Nasdaq: ATAC).
Reliance Industries entered discussions to either acquire or partner with Quicksilver Resources (NYSE: KWK).
On the downside
Delta Air Lines (NYSE: DAC) reversed year ago losses to post a second quarter profit but revenue fell short of expectations.
Concerns about a leak from the capped well weighed down shares of BP (NYSE: BP), which has already spent approximately $4 billion on the oil spill in the Gulf of Mexico.
PetMed Express (Nasdaq: PETS) disappointed with lower first quarter earnings that fell short of expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 609.
