The markets opened lower with the Dow tumbling 90 points to 18,480 as Verizon paid a lower than expected price for Yahoo. Nasdaq lost 10 points to 5,090.
On the upside
Funds managed by Apollo Global Management will take Outerwall (Nasdaq: OUTR) private in a deal valued at approximately $1.6 billion including the assumption to debt.
Sprint (NYSE: S) reported better than expected revenue for the first quarter as the company added subscribers.
Trade Calls noted that Sophiris Bio (Nasdaq: SPHS) outperformed the S&P 500 by 120.58% over the past month.
On the downside
Santander Consumer USA Holdings (NYSE: SC) will delay the release of its second quarter results.
Tobira Therapeutics (Nasdaq: TBRA) reported disappointing results from a Phase 2b clinical trial of cenicriviroc to treat liver disease.
Verizon (NYSE: VZ) will pay approximately $4.83 billion in cash to acquire the core business of Yahoo (Nasdaq: YHOO).
In the broad market, declining issues outpaced advancers by a margin of more than 9 to 7 on the NYSE and by 10 to 9 on Nasdaq. The broader S&P 500 fell 9 points to 2,165. Bitcoin tumbled $9 to $649.
