GDP Grows But Markets Slip Over Fiscal Cliff
December 20, 2012 at 01:42 AM EST
The nation’s economy expanded at a greater than expected pace in the third quarter but fiscal cliff concern weighed the markets down to a lower open with the Dow slipping 5 points to 13,246. Nasdaq lost 6 points to 3038.On the upsideIntercontinentalExchange (NYSE: ICE) will pay approximately $8.2 billion to acquire rival NYSE Euronext (NYSE: NYX).Rite Aid (NYSE: RAD) swung to its first profit in more than five years and lifted its earnings outlook for fiscal 2013.A Swiss newspaper reported that Roche may have offered to acquire Illumina (Nasdaq: ILMN) at a premium of approximately $8.1 billion.On the downsideAllscripts Healthcare Solutions (Nasdaq: MDRX) replaced chief executive Glen Tullman with board member Paul Black and ended efforts to explore strategic alternatives. Amicus Therapeutics (Nasdaq: FOLD) reported that its Fabry disease treatment migalastat HCI failed a late stage clinical trial.Bed Bath & Beyond (Nasdaq: BBBY) reported higher third quarter earnings and revenue but the company forecast current quarter and full year earnings below expectations.In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE decliners barely edged out advancers by a slim margin on Nasdaq. The broader S&P 500 index edged up a fraction to 1436.
