The markets opened mixed with the Dow losing 24 points to 13,008 while Nasdaq gained 10 points to 3041 as sales of existing homes fell in March.
On the upside
Human Genome Sciences (Nasdaq: HGSI) rejected GlaxoSmithKline's (NYSE: GSK) unsolicited $2.59 billion acquisition offer but will now explore strategic options including the possible sale of the company.
Gilead (Nasdaq: GILD) reported positive interim results from a Phase 2 clinical trial of its hepatitis C treatment GS-7977 plus pegylated interferon and ribavirin.
CVR Energy (NYSE: CVI) removed a poison which will now allow activist investor Carl Icahn to acquire the company.
On the downside
Shares of Achillion Pharmaceuticals (Nasdaq: ACHN) tumbled after Gilead reported upbeat interim results for its hepatitis C treatment. Achillion is developing its own hepatitis C drug
First Horizon National (NYSE: FHN) reported lower first quarter earnings that fell short of analyst expectations as bad loan provisions soared.
First quarter earnings climbed for EMC (NYSE: EMC) to top estimates but the data storage equipment company forecast full year earnings below analyst expectations.
In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 799.