Stocks close mixed amid lackluster trading
Dow rises 23 points to close at highest level in 34 months. But stocks on Nasdaq edge down.
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In company news, Nortel said it was selling all of its patents and patent applications for $900 million to Google as part of a "stalking horse" asset-sale agreement. The sale follows a multi-round bidding process.Skip to next paragraph
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McCormick & Schmick skyrocketed after Tilman J. Fertitta said he intends to begin an all-cash offer to buy the seafood restaurant company through his affiliate LSRI Holdings, a subsidiary of Landry's Restaurants.
Shares of Southwest Airlines fell after news the airliner canceled 70 flights on Monday after a Boeing 737 was forced to make an emergency landing Friday because of a hole in its fuselage, and that cracks were found in the fuselages of 3 other airlines after 33 were inspected. In addition, UBS cut its rating on the airline company to "neutral" from "buy."Boeing shares also fell on the news.
And General Dynamics tumbled more than 5 percent after a weekend crash of a flight-test aircraft of its Gulfstream business jet unit killed four people.
Molycorp soared after news the rare-earth producer bought a majority stake in AS Silmet, one of two rare-earth processing companies in Europe. "In the short-term, this will greatly increase our ability to supply our products into the increasingly tight global rare earth market and provide a convenient base from which to supply European customers," said Mark Smith, president and CEO, in a statement.