Closing Bell: Volatility at Lowest Since 1993; Pershing Backs Howard Hughes

Volatility sank to its lowest level since 1993 to begin the new week as indexes held close to their flatlines. The Nasdaq notched a new record at the close. Howard Hughes (HHC) - Get Report shares rose this afternoon after Pershing Square's Bill Ackman made the case for the real estate developer. Pershing Square currently holds a nearly 9% stake in the company.  Horizon Pharma (HZNP) - Get Report lost roughly a third of its value following weaker-than-expected quarterly results and after announcing a multi-million-dollar deal to purchase River Vision Development. The company said its primary care business unit performed below expectations. Tyson Foods (TSN) - Get Report fell after fires at its chicken plants dented profit. Quarterly earnings declined by 21%. Weaker sales at its prepared foods unit also hurt its overall performance.