Congress may vote on tax plan next week, markets open higher

The markets opened higher with the Dow gaining 46 points to 24,631 over expectations that Congress will vote on a tax plan next week. Nasdaq rose 12 points to 6,887.


On the upside


Teva Pharmaceutical Industries (NYSE: TEVA) will cut 14,000 jobs, or more 25% of its workforce, and suspend its dividend.


The U.S. Patent and Trademark Appeal Board has instituted inter partes review proceedings on all claims against two patents involved in a patent infringement claim against Mylan (Nasdaq: MYL).


Tiffany & Co. (NYSE: TIF) renewed its exclusive license agreement with Luxottica to develop, produce and distribute sunglasses and prescription frames under the Tiffany & Co. brand.


On the downside


Sibanye Gold (NYSE: SBGL) will pay approximately $383 million to acquire Lonmin.


J.P.Morgan downgraded Valeant Pharmaceutical (NYSE: VRX) from a Neutral rating to an Underweight rating.


OneMain Holdings (NYSE: OMF) priced its secondary offering of 7.5 million common shares .


In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 5 on the NYSE while advancers edged out decliners by nearly 6 to 5 on Nasdaq. The broader S&P 500 added 3 points to 2,665. Bitcoin slipped $27 to $16,333.


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