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Markets pare gains on likely inflation

The markets retreated from earlier highs but still closed in the positive with the Dow gaining 72 points to 26,149 after the Federal Reserve said that inflation would likely rise. Nasdaq added 9 points to 7411.


On the upside


Cascadian Therapeutics (Nasdaq: CASC) will be acquired by Seattle Genetics (Nasdaq: SGEN) for a premium of approximately $614 million in cash.


Ply Gem (NYSE: PGEM) will be taken private by Clayton, Dubilier & Rice in a transaction valued at approximately $2.4 billion.


Meritor (NYSE: MTOR) reported a smaller than expected loss for the first quarter as revenue climbed.

On the downside


The Food and Drug Administration placed Bellicum Pharmaceuticals' (Nasdaq: BLCM) BPX-501 studies on clinical hold.


Goldman Sachs downgraded Forterra (Nasdaq: FRTA) from a Neutral rating to a Sell rating.


Eastman Kodak (NYSE: KODK) said that it may take several weeks to verify the accredited investor status of all parties that are interested in the company's upcoming digital KODAKCoin offering.


In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 5 on the NYSE while decliners edged out advancers by nearly 3 to 2 on Nasdaq. The broader S&P 500 added a point to 2,823. Bitcoin plunged $140 to $9,979.


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