The markets opened mixed with the Dow easing 2 points to 12,977 while Nasdaq added 5 points to 2994 as gasoline prices continued to rise.
On the upside
Shutterfly (Nasdaq: SFLY) offered approximately $23.8 million to acquire Kodak’s online photo services site Kodak Gallery.
Sara Lee (NYSE: SLE) will distribute approximately $4.55 billion in stock to its shareholders after spinning off its Coffee & Tea unit.
On the downside
DCP Midstream Partners (NYSE: DPM) priced its public offering of 4.75 million common units at a discount of $47.42 per common unit.
A123 Systems (Nasdaq: AONE) warned of a significant fourth quarter loss after Fisker Automotive cut its battery orders.
EXCO Resources (NYSE: XCO) declared a quarterly dividend of 4 cents per share payable on March 30, 2012 to shareholders of record on March15, 2012.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 813.