The markets opened mixed with the Dow losing 28 points to 10,591 while Nasdaq added 2 points to 2348 over mixed earnings and the possibility of further airport closures due to volcanic eruptions in Iceland.
On the upside
Man Group will pay approximately $1.6 billion in cash and stock to acquire GLG Partners (Nasdaq: GLG).
The Wall Street Journal reported that Pactiv (Nasdaq: PTV) may be acquired by private equity firm Apollo Global Management.
Universal Health Services (NYSE: UHS) will acquire Psychiatric Solutions (Nasdaq: PSYS) in a deal valued at approximately $3.1 billion including the assumption of $1.1 billion in debt.
On the downside
Perfect World (Nasdaq: PWRD) reported higher first quarter results but forecast disappointing second quarter revenue.
While Lowe's (NYSE: LOW) reported higher first quarter income that topped analyst estimates, the home improvement store forecast second quarter earnings that fell short of expectations.
Massey Energy (NYSE: MEE) will declassify its board of directors.
In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 3 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 699.
