First time applications for unemployment benefits fell last week but the markets opened lower with the Dow losing 29 points to 16,223 over rate hike concerns. Nasdaq slipped 2 points to 4,754.
On the upside
Ericsson (Nasdaq: ERIC) will pay a premium of approximately $125 million in cash to acquire Envivio (Nasdaq: ENVI).
Con-way (NYSE: CNW) will be acquired by XPO (NYSE: XPO) in a transaction valued at approximately $3.0 billion including the assumption of debt.
Orexigen Therapeutics (Nasdaq: OREX) sold $60 million worth of common stock and warrants to The Baupost Group.
On the downside
Lululemon Athletica (Nasdaq: LULU) reported higher second quarter earnings and revenue but the company forecast current quarter results below estimates.
Krispy Kreme Doughnuts (NYSE: KKD) disappointed with second quarter earnings and revenue that fell short of expectations and forecast full year earnings below estimates.
American Midstream Partners (NYSE: AMID) priced its public offering of 7.5 million common units at the discounted price of $11.31 per common unit.
In the broad market, advancing issues were on par with decliners on the NYSE while advancers edged out decliners by 9 to 7 on Nasdaq. The broader S&P 500 slipped 2 points to 1,939. Bitcoin added $2 to $239.