Corporate Consolidations Lift Markets To Higher Open

Corporate consolidations lifted the markets to a higher open with the Dow gaining 46 points to 12,426. Nasdaq held steady at 2780.

On the upside

Level 3 Communications (Nasdaq: LVLT) will pay approximately $1.9 billion in stock to acquire competitor Global Crossing (Nasdaq: GLBC).

Endo Pharmaceuticals (Nasdaq: ENDP) will acquire American Medical Systems (Nasdaq: AMMD) in an all cash deal valued at approximately $2.9 billion.

Bloomberg News reported that Schneider Electric is exploring the option of acquiring Tyco International (NYSE: TYC).

On the downside

Tenet Healthcare (NYSE: THC) filed a lawsuit against Community Health Systems (NYSE: CYH), Community Health's chairman and chief executive Wayne T. Smith and chief financial officer W. Larry Cash.

QuickLogic (NYSE: QUIK) cut its revenue outlook for the first quarter.

Ireland announced on Friday that it will not use any more funds from financial aid package it received from the European Union and International Monetary Fund to assist banks until interest rates are lowered. Shares of Bank of Ireland (NYSE: IRE) and Allied Irish Banks (NYSE: AIB) dropped.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks sllipped 2 points to 838.

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