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September 01, 2020 10:18am
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Mixed open even as consumer spending rises

Consumer spending rose 1% in April but the markets opened mixed with the Dow slipping 3 points to 17,869 while Nasdaq gained 13 points to 4,946 over rate hike concerns.

On the upside

Jazz Pharmaceuticals (Nasdaq: JAZZ) will pay a premium of approximately $1.5 billion to acquire Celator Pharmaceuticals (Nasdaq: CPXX).

Cliffs Natural Resources (NYSE: CLF) entered a new long-term agreement to supply ArcelorMittal (NYSE: MT) with tailor-made iron ore pellets.

SciQuest (Nasdaq: SQI) will be taken private by Accel-KKR for a premium of approximately $509 million in cash.

On the downside

StemCells (Nasdaq: STEM) terminated a mid-stage clinical trial and will wind down the company.

Great Plains Energy (NYSE: GXP) will buy Westar Energy (NYSE: WR) in a deal valued at approximately $8.6 billion.

Hhg & Co. cut its stake in Coca Cola Enterprises (NYSE: CCE).

In the broad market, advancing issued 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 rose 3 points to 2,102. Bitcoin climbed $13 to $538.
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