A sharp gain in existing home sales lifted the markets to a higher open with the Dow rising 28 points to 13,592. Nasdaq slipped 3 points to 3174. On the upside
Cypress Semiconductor (Nasdaq: CY) will pay a premium of approximately $109.8 million in cash to acquire Ramtron International (Nasdaq: RMTR). Goldman Sachs analyst Simona Jankowski upgraded Corning (NYSE: GLW) to a Buy rating and lifted her price target from $14 to $16. Deutsche Bank initiated coverage of Achillion Pharmaceuticals (Nasdaq: ACHN) with a Buy rating. On the downside Shares of Deckers Outdoors (Nasdaq: DECK) continued falling after Sterne Agee analyst Sam Poser warned of disappointing Uggs sales on Monday. Citron reported that Aetna (NYSE: AET) will not reimburse for Questcor's (Nasdaq: QCOR) Achtar when used to treat multiple sclerosis and nephrotic syndrome. JPMorgan downgraded Waste Management (NYSE: WM) to an Underweight rating. In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 858.