Cytec Industries Rockets Higher on Deal; Stocks Gain Ahead of Fed

Cytec Industries (CYT) surged Wednesday after Belgian company Solvay agreed to buy the chemicals specialist for $6.4 billion, including debt. Cytec shares exploded more than 20%. Stocks moved modestly higher ahead of this afternoon's Federal Reserve statement. The Nasdaq was under pressure, though, as Twitter (TWTR) and Yelp (YELP) plummeted following disappointing earnings forecasts. Pending home sales in the U.S. unexpectedly fell in June. Sales fell 1.8% after a nine-year high in May. That marked the first decline in six months. Economists had expected a 1% increase. U.S. crude inventories fell at a steeper-than-expected pace over the past week. The measure has been closely watched in the face of a supply glut.