Bargain Hunters Snap Up Deals

The markets pared early morning losses to trade mixed during the midday with the Dow losing 11 points to 7171 as bargain hunters snapped up deals. Nasdaq added 3 points to 1394.

On the upside

Image Entertainment (Nasdaq: DISK) and Nyx Acquisitions are near an agreement to amend their merger deal.

Third quarter earnings for Blue Coat Systems (Nasdaq: BCSI) plunged due to soaring expenses but the results topped estimates.

GE (NYSE: GE) will invest $150 million to take a 49% stake in a limited partnership of a floating oil and gas production unit with ATP Oil & Gas (Nasdaq: ATPG) in the Gulf of Mexico.

On the downside

Synta Pharmaceuticals (Nasdaq: SNTA) followed the recommendation of an independent monitor and suspended its late stage clinical trial of its cancer treatment elesclomol for safety reasons.

The Food and Drug Administration denied approval for Somaxon Pharmaceuticals' (Nasdaq: SOMX) insomnia treatment Silenor prompting a downgrade.

CommScope (NYSE: CTV) swung to a significant fourth quarter loss due to a large goodwill impairment charge.

In the broad market, declining issues outpaced advancers by a margin of 4 to 3 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 394.