Market flat as traders weigh bargains

By Jennifer Coogan

Major indexes gyrated between positive and negative territory repeatedly. They opened the day lower after jobless claims data came in higher than expected and Cisco Systems warned late on Wednesday of slowing orders from Europe and the United States.

"There are value investors calling a bottom here," said Tim Ghriskey, chief investment officer of Solaris Asset Management in Bedford Hills, New York. "There are lots of bargain hunters in retail and financials."

Cisco shares fell 0.4 percent to $23.01 after the network equipment maker gave a weak outlook and warned of a rapid slowdown in U.S. and European orders.

Shares of Children's Place Retail Stores Inc shot higher after the former chief executive of the kids apparel chain said he was confident he could make a bid to buy the company.

Several possible mergers and acquisitions have come to the fore in recent days. The airline industry got a boost after The Wall Street Journal reported a merger of Delta and Northwest could be announced as early as next week.

Delta rose 0.8 percent to $18.10 and UAL was up 1 percent to $38.03. Continental gained 4.8 percent to $30.15 while Northwest slipped 0.2 percent to $18.45.