Reports that Portugal may need a bailout sent the markets down to a lower open with the Dow falling 62 points to 11,612. Nasdaq lost 11 points to 2691.
On the upside
Standard Microsystems (Nasdaq: SMSC) will pay approximately $284 million including the assumption of debt to acquire Conexant Systems (Nasdaq: CNXT).
Playboy (NYSE: PLA) will be taken private for $6.15 per share by founder Hugh Hefner.
LDK Solar (NYSE: LDK) increased it fourth quarter and 2011 full year revenue guidance above analyst expectations.
On the downside
Strayer Education (Nasdaq: STRA) reported on Friday after market close that new student enrollment for the current school year plunged 20%.
FBR Capital Markets and Credit Suisse downgraded RadioShack (NYSE: RSH).
A district court issued a summary judgment that PDL BioPharma's (Nasdaq: PDLI) patent infringement suit against MedImmune was invalid.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 781.
