On the upside
SumTotal's (Nasdaq: SUMT) largest shareholder private equity firm Vista Equity Partners offered approximately $103 million to acquire the employee management software company.Apollo Management offered to take Legacy Reserves (Nasdaq: LGCY) private in a deal valued at approximately $435 million.
Three Satyam Computer (NYSE: SAY) executives have been arrested for accounting fraud.
On the downside
FTN Equity Capital downgraded F.N.B. Corp. (NYSE: FNB).
Credit Suisse analyst Steve Benyik downgraded Alexandria Real Estate Equities (NYSE: ARE).
Calyon Securities analyst Mike Mayo initiated coverage of Bank of America (NYSE: BAC), Citigroup (NYSE: C) and Well Fargo (NYSE: WFC) all with an Underperform rating.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 448.
