On the upside
Wireless network gear maker Starent Networks (Nasdaq: STAR) was snapped up by Cisco Systems (Nasdaq: CSCO) in a $2.9 billion deal.
Pier 1 Imports (NYSE: PIR) surprised analysts after announcing same-store sales rising nearly 10% versus year-ago levels.
Vanda Pharmaceuticals (Nasdaq: VNDA) signed an exclusive license agreement with Novartis (NYSE: NVS) to market its schizophrenia drug.
On the downside
CIT Group (NYSE: CIT) announced that its chairman and CEO will resign at the end of the year.
Johnson & Johnson (NYSE: JNJ) posted a slim increase in profits as 3rd quarter revenues missed forecasts.
An analyst downgraded Acorda Therapeutics (Nasdaq: ACOR) which recently received an FDA safety report questioning the company's multiple sclerosis drug.
In the broad market, declinig issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 609.
