June 03, 2013 at 10:43 AM EDT
Construction Spending Rises, Markets Open Mixed

The markets opened mixed with the Dow gaining 56 points to 15,171 while Nasdaq lost 9 points to 3446 as April construction spending edged up 0.4%.

On the upside

Peregrine Pharmaceuticals (Nasdaq: PPHM) reported upbeat interim results from a Phase I study of bavituximab in treating breast cancer and positive results from a Phase II trial in pancreatic cancer patients.

Merck & Co. (NYSE: MRK) presented preliminary results from a Phase IB study of its advanced melanoma treatment lambrolizumab and expects to begin late stage trials in the third quarter of 2013.

Colonial Properties Trust (NYSE: CLP) will merge with MAA (NYSE: MAA) in an all stock transaction valued at approximately $8.6 billion.

On the downside

Affymax (Nasdaq: AFFY) will be delisted from Nasdaq after market close on Wednesday.

Synta Pharmaceuticals (Nasdaq: SNTA) reported interim results from a Phase 2b/3 study of its lung cancer treatment that were not statistically significant.

Infinity Pharmaceuticals (Nasdaq: INFI) updated data from an ongoing Phase I study of its chronic lymphocytic leukemia treatment IPI-145.

In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE and by 5 to 3 on Nasdaq. The broader S&P 500 index held steady at 1630.

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