Greek Debtholders Accepting Deal, Markets Open Higher
The markets opened higher with the Dow rising 31 points to 12,869 as more Greek debt holders begin accepting the debt swap deal. Nasdaq gained 11 points to 2947.
On the upside
Nomura upgraded American Eagle Outfitters (NYSE: AEO) to a Buy rating.
Wynnchurch affiliate USP Holdings will pay approximately $89.8 million in cash to acquire Mueller Water Products' (NYSE: MWA) United State Pipe and Foundry Company, LLC and Fast Fabricators, LLC.
Imperial Sugar (Nasdaq: IPSU) will sell its 50% interest in Wholesome Sweetners to an affiliate of private investment group Arlon Group.
On the downside
Shares of Provenge maker Dendreon (Nasdaq: DNDN) tumbled after Johnson & Johnson (NYSE: JNJ) reported positive results from a late stage clinical trial of its prostate cancer treatment Zytiga.
The Treasury Department announced plans to sell approximately 206.9 million shares of American International Group (NYSE: AIG) stock at $29 per share.
McDonald's (NYSE: MCD) disappointed with lower than expected February same store sales.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 796.