On the upside
Centex (NYSE: CTX) was the target of a $1.3 billion all-stock acquisition offer by Pulte Homes (NYSE: PHM) that would combine the 4th and 3rd largest home builders in the U.S.The insurance sector rose on hopes that the government may extend its troubled asset relief program. Shares of Hartford Financial (NYSE: HIG) and Prudential Financial (NYSE: PRU) surged.
Bed Bath & Beyond (Nasdaq: BBBY) posted lower 4th quarter earninigs, but the results beat expectations. Revenues for the home products retailer edged down less than 1%.
On the downside
Logistics and truck leasing company Ryder System (NYSE: R) lowered its outlook due to restructuring costs and the recession.
Shares of ProLogis (NYSE: PLD) fell again after the distribution-facility comapny announced plans to sell 115 million shares of common stock through a public offering.
An analyst downgraded Raymond James Financial (NYSE: RJF).
In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap
stocks edged up a point to 433.
