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Markets Negative Despite Upbeat Financial News
Tuesday November 03, 2009 - 12:24 PM EST
The markets traded in negative territory during the midday with the Dow slipping 24 points to 9764 despite an upbeat factory orders report and rising auto sales. Nasdaq eased a point to 2048.
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The markets traded in negative territory during the midday with the Dow slipping 24 points to 9764 despite an upbeat factory orders report and rising auto sales. Nasdaq eased a point to 2048.
On the upside Peet's Coffee & Tea (Nasdaq: PEET) will pay approximately $213 million to acquire Diedrich Coffee (Nasdaq: DDRX). Texas Roadhouse (Nasdaq: TXRH) reported higher third quarter earnings that topped estimates as revenue rose prompting upgrades. Stanley Works (NYSE: SWK) will acquire Black & Decker (NYSE: BDK) in an all stock deal valued at approximately $4.5 billion. On the downside Chelsea Therapeutics (Nasdaq: CHTP) reported a loss for the third quarter. Standard & Poor's Ratings lowered YRC Worldwide's (Nasdaq: YRCW) credit rating further into junk status after the compnay announced a debt exchange offering. Cedar Fair Entertainment (NYSE: FUN) reported higher third quarter income but the results fell short of expectations. In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 564.
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