Initial applications for unemployment benefits unexpectedly fell to lift the markets to a higher open with the Dow gaining 49 points to 10,884. Nasdaq rose 10 points to 2386.
On the upside
Electronic payment solutions firm Hypercom (NYSE: HYC) rejected rival VeriFone's (NYSE: PAY) unsolicited cash offer of approximately $290 million as too low.
American International Group (NYSE: AIG) finalized a plan to repay the government in full for bailing out the insurer two year ago.
Manitowoc (NYSE: MTW) will issue up to $500 million in senior unsecured notes.
On the downside
The Central Bank of Ireland informed Allied Irish Bank (NYSE: AIB) that it must raise another 3 billion euros by the end of the year.
Prudential Financial (NYSE: PRU) will pay approximately $4.8 billion to acquire two American International Group (NYSE: AIG) life insurance businesses in Japan.
Oppenheimer & Co. analyst G. Scott Burk cut his earnings estimate on offshore drilling services company Noble (NYSE: NE) citing two rigs that are sitting idle.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 5 points to 683.
