Merger news lifts markets

Merger news lifted the markets during the midday with the Dow rising 25 points to 16,986. Nasdaq held steady at 4449.

On the upside

China BAK Battery (Nasdaq: CBAK) entered a strategic cooperation agreement with Dalian Institute of Chemical Physics of China Academy of Sciences to research and develop next-generation battery technology.

Shares of Move (Nasdaq: MOVE) rose on news of Zillow's (Nasdaq: Z) offer for Trulia (NYSE: TRLA).

GOL Linhas (NYSE: GOL) reported a record load factor and customer satisfaction level for June.

On the downside

Compass Minerals International (NYSE: CMP) fell to an unexpected loss for the second quarter.

Ceragon Networks (NYSE: CRNT) swung to a profit for the second quarter but margins fell.

Greenlight Capital sold its holdings in Rite Aid (NYSE: RAD).

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 added a point to 1979. Bitcoin lost $7 to $582.

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