• Lufkin Industries (NASDAQ:LUFK) said it had concluded an Asset Purchase Agreement to purchase virtually all the assets of Quinn's Oilfield Supply Ltd for around $303 million

• Shares of exploration company Sunoco Inc. (NYSE:SUN) gained 5.32% after the company announced its decision to sell off its refinery businesses and concentrate on the gasoline retail segment

• Shipping box maker Temple Inland, Inc.’s (NYSE:TIN) share prices advanced 25.25% to close at $30.85 a share after International Paper Co. (NYSE:IP) increased its offer price for the company

• Shares of the banking sector declined and closed in the red after the cost of insuring bank debt rose substantially. Following this development, share prices of Credit Suisse (NYSE:CS), Royal Bank of Scotland (NYSE:RBS) and Bank of America (NYSE:BAC) fell 12.93%, 12.74% and 3.59% respectively

• Analysts at Robert W. Baird & Co. slashed the price estimate of crane manufacturer Manitowec Co, Inc. (NYSE:MTW). Following the downgrade, shares of the company fell 4.25%

• Share prices of PulteGroup Inc. (NYSE:PHM) declined 3.88% to close at $4.21 after analysts at Goldman Sachs (NYSE:GS) removed the stock from the firm’s conviction buy list

• Analysts at Goldman Sachs (NYSE:GS) downgraded shares of Whirlpool Corp. (NYSE:WHR) from "Buy" rating to "Neutral" rating

• Wireless operator Sprint Nextel Corp (NYSE:S) filed a legal suit to stop the proposed acquisition of T-Mobile USA Inc by AT&T Inc (NYSE:T)