Obama Discusses Fiscal Cliff With Business Leaders
The markets extended its losses during the midday with the Dow losing 67 points to 12,688 as President Barack Obama met with chief executive officers of the nation's largest companies to discuss the fiscal cliff. Nasdaq fell 10 points to 2873. On the upside
Upbeat quarterly results from Abercrombie & Fitch (NYSE: ANF) lifted shares of rival Aeropostale (NYSE: ARO). Bargain hunters lifted shares of MBIA (NYSE: MBI). ZaZa Energy (Nasdaq: ZAZA) will sell its French assets to Vermilion Energy for approximately $85.8 million.On the downside Standard & Poor's Ratings downgraded Goodrich Petroleum's (NYSE: GDP) corporate credit rating to a B- rating from B citing lower oil production. AK Steel (NYSE: AKS) continued falling after warning yesterday that fourth quarter losses would be greater than expected. Analysts questioned results from a late stage clinical trial of the opiod constipation treatment naloxegol that was jointly developed by Nektar Therapeutics (Nasdaq: NKTR) and AstraZeneca (NYSE: AZN). In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 7 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 780.