The markets opened modestly lower with the Dow slipping 13 points to 19,928 as consumer spending rose less than expected in November. Nasdaq lost 10 points to 5,461.
On the upside
Tokai Pharmaceuticals (Nasdaq: TKAI) entered a share purchase agreement under which shareholders of Otic Pharma will become majority owners of Tokai.
Micron Technology (Nasdaq: MU) reported better than expected earnings for the first quarter and forecast second quarter results ahead of analyst estimates.
Cemtrex (Nasdaq: CETX) reported sharply higher earnings and revenue for fiscal 2016.
On the downside
Red Hat (NYSE: RHT) disappointed with third quarter revenue that fell short of expectations, forecast current quarter revenue below estimates and announced the resignation of chief financial officer Frank Calderoni.
Aurinia Pharmaceuticals (Nasdaq: AUPH) entered a bought deal financing agreement with H.C. Wainwright & Co. and Cormack Securities.
OvaScience (Nasdaq: OVAS) announced the departure of chief executive Harald Stock, Ph.D. and chief operating officer Paul Chapman and will cut its workforce by approximately 30%.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 5 on the NYSE and by nearly 5 to 4 on Nasdaq. The broader S&P 500 index lost 4 points to 2,260. Bitcoin surged $38 to $859.
