It's looking like another rough day for U.S. stocks, as an upwardly revised GDP increases the odds of a December rate hike. Among the equities in focus are biotech concern Valeant Pharmaceuticals Intl Inc (NYSE:VRX), office supply producer Xerox Corp (NYSE:XRX), and semiconductor maker PMC-Sierra Inc (NASDAQ:PMCS).
PMCS is 1.9% lower this morning at $11.63, after striking an agreement to be bought by Microsemi Corporation (NASDAQ:MSCC) in a $2.5 billion cash-and-stock deal. PMC-Sierra Inc has been holding steady between $11.50 and $12 for about a month, since news of a buyout -- first with a $2 billion offer from Skyworks Solutions Inc (NASDAQ:SWKS), and then a competing offer from Microsemi -- caused the shares to nearly double in value in a matter of days. Microsemi is also headed lower on the news, last seen down 6.8% at $33.76.
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