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100 Billion Euro Bailout For Spanish Banks, Markets Open Lower

Spanish banks will receive a larger than expected bailout package of 100 billion euros. The markets opened lower with the Dow slipping 7 points to 12,546 while Nasdaq lost 2 points to 2855.

On the upside

The Federal Energy Regulatory Commission conditionally approved the merger between Duke Energy (NYSE: DUK) and Progress Energy (NYSE: PGN).

Financial Times Deutschland reported that Volkswagen may consider acquiring a stake in Navistar International (NYSE: NAV).

Micronetics (Nasdaq: NOIZ) agreed to be acquired by Mercury Computer Systems (Nasdaq: MRCY) in a deal valued at approximately $75.4 million.

On the downside

Kroger (NYSE: KR) will begin offering store branded K-Cups to be used with Green Mountain Coffee Roasters' (Nasdaq: GMCR) Keurig brewing system but the grocery store chain said that it may sell single serve coffee cups for other brewers as well.

EnergySolutions (NYSE: ES) cut its full year guidance.

Dahlman Rose downgraded AK Steel Holding (NYSE: AKS) from a Buy rating to Hold.

In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while decliners outpaced advancers by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 767.

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