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Chinese Manufacturing Activity Slows, Markets Open Lower

Manufacturing activity slowed more than expected in China to weigh the markets down to a lower open with the Dow falling 61 points to 12,818. Nasdaq eased a point to 2933.

On the upside

German company Linde will acquire Lincare Holdings (Nasdaq: LNCR) in a cash deal valued at approximately $4.6 billion.

Bristol-Myers Squibb (NYSE: BMY) will pay a premium of $31 per share in cash to acquire Amylin Pharmaceuticals (Nasdaq: AMLN).

BrightPoint (Nasdaq: CELL) agreed to be acquired by Ingram Micro (NYSE: IM) for approximately $650 million in cash.

On the downside

Susquehanna lowered its price target on Groupon (Nasdaq: GRPN) from $15 to $12.

Mad Money's Jim Cramer rated Liquidity Services (Nasdaq: LQDT) a Sell.

Stifel Nicolaus downgraded Forest Oil (NYSE: FST) to a Hold rating.

In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while decliners outpaced advancers by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 797.

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