Stocks Erase Gains, Fall Lower,12th June, 2013

U.S. Market    
Stocks wavered during the morning hours but were down at midday. 

Economic news flow in the United States was slow Wednesday, while in the eurozone, industrial-production numbers came in better than expected. 

The Dow and the S&P 500 were each 0.4% lower at midday, while the Nasdaq had fallen by 0.6%. 

Stocks on the Move
Pfizer (PFE) and Takeda Pharmaceutical (TKPYY) will receive a total of $2.15 billion from Teva Pharmaceutical Industries (TEVA) and Sun Pharmaceutical in a patent settlement. Teva and Sun will pay Pfizer and Takeda for damages resulting from the former firms' launch of a generic version of Protonix before the expiry date of the patent for the active ingredient in the drug. Pfizer shares were 0.2% higher at midday, Takeda ADR shares were up by 1.5%, and Teva shares had lost 1.0%. 

Spectra Energy (SE) shares had jumped by 9.7% at midday after the firm said it will conduct a drop-down transaction, in which it will sell transmission and storage assets to Spectra Energy Partners (SEP). The move is expected to be complete by the end of the year, and it will allow both businesses to increase theirmdividends to shareholders. SEP shares were up by 4.4% on the news.  

Cooper Tire & Rubber (CTB) shares soared by more than 40% on news that India-based Apollo Tyres will acquire Cooper in a $2.5 billion deal. The buyout is expected to close in the second half of the year. 

Foreign Markets
Overseas markets were lower Wednesday, with the FTSE 100 losing 0.7%, the Paris CAC falling by 0.5%, and the DAX ending 1.0% lower. 

Markets in China were closed today, but the Nikkei 225 slipped by 0.2%.