Sharp Sell-Off Over Fiscal Cliff Concerns
Fiscal cliff concerns continued to plague investors to send the markets tumbling to a sharply lower close with the Dow plunging 121 points to 12,811. Nasdaq plummeted 41 points to 2895.
On the upside
InterMune (Nasdaq: ITMN) widened third quarter losses but the results were better than expected.
SandRidge Energy (Nasdaq: SAPE) reported higher third quarter earnings that beat analyst estimates as revenue climbed.
Cal Dive International (NYSE: DVR) narrowed third quarter losses as revenue rose. On the downside
Savient Pharmaceuticals (Nasdaq: SVNT) widened losses more than expected for the third quarter.
Orient-Express Hotels (NYSE: OEH) rejected an acquisition offer from The Indian Hotels Company and named John M. Scott III as president and chief executive officer.
Teekay Tankers (NYSE: TNK) fell to a greater than expected loss for the third quarter as revenue dropped.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 10 points to 793.
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