On the upside
Shares of Excel Technology (Nasdaq: XLTC) soared after GSI Group (Nasdaq: GSIG) offered nearly $350 million in cash to buy the industrial laser marking systems maker.
Shares of chicken producers Sanderson Farms (Nasdaq: SAFM) and Pilgrim's Pride (NYSE: PPC) surged as analysts upgraded the sector due to its low valuation.
Shares of Alcoa (NYSE: AA) rebounded after the 3rd-largest aluminum producer posted lower profits that beat estimates.
On the downside
Shares of embattled investment bank Lehman Brothers Holdings (NYSE: LEH) tumbled to a 8-year lows as the cost of debt protection rose and investors continued to worry about mortgage-related losses.Wachovia Corp. (NYSE: WB) named a new CEO, but analysts slashed their share price targets on the Charlotte-based bank.
Sports apparel and equipment retailer Zumiez (Nasdaq: ZUMZ) reported a larger than expected drop in same-store sales for the month of June.
In the broad market, declining issues outpaced advancers by a margin
of 5 to 4 on the NYSE, but were outpaced by a margin of 5 to 4 on Nasdaq. The
Russell 2000 which tracks small cap stocks climbed 2 points to 669.
