Kofax Jumps 46% on Lexmark Deal, Tesla Slides on Downgrade

Major U.S. benchmarks are all trading narrowly lower as both the dollar and latest economic data weight on traders. Tesla (TSLA) slid after a downgrade to UNDERPERFORM from OUTPERFORM at CLSA. The firm is still bullish for the long-term on the electric carmaker. Kraft (KRFT) and Heinz (HNZ) are not the day's only dealmakers. Shares of Kofax (KFX) jumped 46% after the software developer agreed to be acquired by Lexmark (LXK), a computer imaging company for nearly $1 billion. Merck (MRK) is pulled back from an early boost after increasing its stock buyback program. Last year, the drug maker returned $13 billion to its shareholders.