The markets closed lower with the Dow slipping 20 points to 13,558 as Germany's business climate index fell to a two year low. Nasdaq fell 19 points to 3160. On the upside
Savient Pharmaceuticals (Nasdaq: SVNT) named former PharmaNet Development group chief financial officer John Hamill to the position of chief financial officer. Stifel Nicolaus analyst Christopher Mutascio said that Wells Fargo (NYSE: WFC) should acquire CIT Group (NYSE: CIT). Yahoo (Nasdaq: YHOO) chief executive Marissa Mayer will announced turnaround plans for the company tomorrow. On the downside Shares of social gaming developer Zynga (Nasdaq: ZNGA) fell after Barron's said that Facebook (Nasdaq: FB) was only worth $15. GT Advanced Technologies (Nasdaq: GTAT) will offer up to $175 million in convertible senior notes. Cobalt International (NYSE: CIE) halted production testing at its Cameia No. 2 well in order to repair the positioning system in a drilling rig. In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 point to 851.