Lower open despite merger news

The markets opened lower with the Dow falling 64 points to 16,896 despite a flurry of merger news. Nasdaq dropped 31 points to 4,417.

On the upside

Dollar Tree (NYSE: DLTR) will pay approximately $8.5 billion to buy Family Dollar Stores (NYSE: FDO).

Trulia (NYSE: TRLA) will be acquired by Zillow (Nasdaq: Z) for approximately $3.5 billion.

Shares of El Pollo Loco (Nasdaq: LOCO) continued climbing after an impressive market debut on Friday.

On the downside

The Food and Drug Administration rejected AcelRx's (Nasdaq: ACRX) needle-free pain medication device Zalviso.

Armstrong World Industries (NYSE: AWI) disappointed with lower second quarter earnings that fell short of analyst expectations and lowered its full year outlook.

CVS Caremark (NYSE: CVS) and Express Scripts (Nasdaq: ESRX) will no longer include Horizon Pharma's (Nasdaq: HZNP) Duexis and Vimovo on their formularies.

In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 lost 9 points to 1968. Bitcoin fell $14 to $575.

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