Flat Open As Fiscal Cliff Impasse Continues
December 31, 2012 at 01:47 AM EST
The markets opened flat with the Dow edging up 3 points to 12,941 on the last trading day of 2012 as the fiscal cliff impasse continued. Nasdaq gained 21 points to 2981. On the upsideA consortium of private equity firms offered a premium of approximately $665.5 million to acquire Duff & Phelps (NYSE: DUF).Qihoo Technology (NYSE: QIHU) was selected as TheStreet’s featured technology winner on Friday.Suntech Power (NYSE: STP) continued rising over investor approval of China’s policy change to support consolidation of the solar industry.On the downsideWatson Pharmaceuticals (NYSE: WPI) applied for approval of a generic version of the multiple myeloma treatment Velcade but Velcade manufacturer Millennium Pharmaceuticals filed a patent infringement suit against Watson. Monness Crespi Hardt analyst Chris Shaw cited an uncertain business outlook for downgrading Ferro (NYSE: FOE) from a Buy to a Neutral rating.Seeking Alpha expects Annaly Capital Management (NYSE: NLY) to underperform in 2013.In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE and by more than 9 to 7 on Nasdaq. The broader S&P 500 index added 4 points to 1406.
