China Growth Cut, Markets Open Lower

The markets opened lower with the Dow tumbling 80 points to 12,897 after China lowered its 2012 growth target. Nasdaq fell 17 points to 2958.

On the upside

A Seeking Alpha article on Friday said that Keryx (Nasdaq: KERX) and Aeterna Zentarix (Nasdaq: AEZS) are expected to report upbeat results from a Phase 3 clinical trial of their cancer treatment Perifosine.

Archipelago Learning (Nasdaq: ARCL) will be acquired by Plato Learning for approximately $291 million in cash.

Shares of Sino Clean Energy (Nasdaq: SCEI) continued surging after an independent auditor reported last week that the company's financials were unlikely to have been misstated.


On the downside


Workers at Freeport-McMoRan's (NYSE: FCX) Grasberg copper mine in Indonesia will refuse to return to work.


US Airways Group (NYSE: LCC) reported increased traffic and load factor but the stock price slipped.

J. P. Morgan downgraded Zynga (Nasdaq: ZNGA) to a Neutral rating citing its recent valuation surge.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 801.

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