Market Overview

Market Update

Shares of Openwave Systems Inc (NASDAQ: OPWV) dropped about 4.9% as the company announced the appointment of Anne Brennan as interim chief executive officer, effective September 9, 2011.

Shares of Bruker Corporation (NASDAQ: BRKR) fell about 2% after the company signed a purchase agreement to buy Center for Tribology Inc (CETR) for an undisclosed amount. The transaction is likely to close at the end of the third quarter of 2011.

Shares of NetLogic Microsystems Inc (NASDAQ: NETL) jumped about 50% after Broadcom Corp (NASDAQ: BRCM) agreed to acquire NetLogic for $3.7 billion, or $50 per share. The boards of both the companies have approved the deal. The deal is likely to close in the first half of 2012.

Shares of E*Trade Financial Corp (NASDAQ: ETFC) fell about 1.2% after the company reported a 57% y/y surge in its average trading volume in August. E*Trade's daily average revenue trades for the month climbed 34% from July to 193,546. Total customer assets gained 18% y/y to $172.8 billion, but dropped 5.4% on a sequential basis.

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