Stocks Pare Losses as Pall Corporation Jumps on Potential Auction

Pall Corporation (PLL) rocketed higher on reports the manufacturer of filtration systems is in the late stages of an auction. A potential sale to Danaher (DHR) or Thermo Fisher Scientific (TMO) could value the company at more than $10 billion. Rackspace Hosting (RAX) tumbled after quarterly revenue missed estimates. Second-quarter sales guidance also disappointed as currency headwinds undermine top-line growth. The Dow moved off of session lows, recovering to just a slight decline by midday. Equities have been under pressure as bonds extend a global sell-off. The number of job openings in the U.S. fell from 14-year highs in March.