The seizure of Florida's BankUnited FSB by federal regulators weighed down the markets to a modestly lower close ahead of the Memorial Day weekend with the Dow losing 14 points to 8277. Nasdaq slipped 3 points to 1692.

On the upside

Cougar Biotechnology (Nasdaq: CGRB) will be acquired by Johnson & Johnson (NYSE: JNJ) for approxmately $1 billion in cash.

CommScope (NYSE: CTV) priced its offering of 9.1 million shares of common stock and $250 million aggregate principal of 3.25% convertible notes.

First quarter earnings for Excel Maritime Carriers (NYSE: EXM) surged as revenue soared nearly four times last year.

On the downside

Altair Nanotechnologies (Nasdaq: ALTI) will raise approximately $14 million through the registered direct offering of 12 million shares.

LDK Solar (NYSE: LDK) swung to a first quarter loss prompting a downgrade.

Yingli Green Energy (NYSE: YGE) swung to a wider than expected first quarter loss and lowered its 2009 shipment outlook.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while deliners outpaced advancers by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 477.