The stock market was little changed in mid-Thursday trading as investors ignored macro economic data and continued to keep a close ‘fiscal cliff’ watch.
"While negotiations on the fiscal cliff have stalled over the last couple of days, the likelihood of going past year-end without any resolution of the fiscal cliff has not increased, in our view," said Goldman Sachs economists, according to TheStreet
. "This is due in part to progress made to date in negotiations between President Obama and Speaker Boehner. However, it is also because it has become increasingly possible that if those negotiations fail, a fallback plan could be passed to avert at least some of the fiscal restraint scheduled for 2013, with remaining issues potentially revisited in early 2013."
The Nasdaq Composite
(INDEXNASDAQ:.IXIC) was down 0.12% to 3,040.62 points on average trading volume of 716.49 million as of 12:06 p.m. EST.
(NASDAQ:ELOQ) soared 31.36% to $23.54 on news that Oracle
(NASDAQ:ORCL) (-0.19%) would acquire the cloud-based marketing automation platform for some $871 million, or $23.50 per share.
(NASDAQ:THQI) also rallied 25.80% to $0.45. Yesterday, the video game maker collapsed 73% after announcing that it would file for bankruptcy.
(NASDAQ:ILMN) jumped 8.04% to $56.36 after it was reported that Roche Holding
(PINK:RHHBY) (-1.44%) may have agreed to buy the company at a price 48% higher than its first failed bid. Swiss newspaper L’Agefi
said that the two parties may have agreed to a $66-per-share, or $8.1 billion, bid for Illumina that might be publically announced in the first half of 2013. The US maker of DNA sequencing equipment originally rejected Roche’s $6.7 billion bid last April.
(NASDAQ:ARRS) improved 5.16% to $15.29 on news that it would be buying Motorola Mobility’s home business from Google
(NASDAQ:GOOG) (+0.18%) for $2.4 billion.
Ahead of an eagerly-awaited fiscal third-quarter earnings report, investors were cautiously optimistic about Research In Motion
(NASDAQ:RIMM), sending the stock up 0.73% to $13.73.
(NASDAQ:FOLD) crashed 45.38% to $3.15 after it, along with GlaxoSmithKline
(NYSE:GSK) (+0.38%), reported poor late-stage study results for its Fabry disease treatment.
Allscripts Healthcare Solutions
(NASDAQ:MDRX) also plunged 13.95% to $9.19 after abandoning plans for a sale. The company, which sells systems that allow hospitals and physicians to share patient records electronically, instead ousted CEO Glen Tullman and announced plans to continue to be run as an independent entity under new management.
Bed Bath & Beyond
(NASDAQ:BBBY) slid 8.06% to $55.42 after reporting fourth-quarter and full-year outlooks that fell beneath analysts’ expectations. The stock was also cut to Neutral from Buy by Bank of America.
No positions in stocks mentioned.
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