Mixed Close On Strong Cyber Monday Sales
The markets trimmed earlier losses to close mixed with the Dow losing 42 points to 12,967 while Nasdaq gained 9 points to 2976 on strong Cyber Monday sales.
On the upside
Deutsche Bank analyst Mike Baker said that foot traffic over Black Friday weekend was the greatest at Best Buy (NYSE: BBY).
Shares of Pandora Media (NYSE: P) rose ahead of the November 28 House Judiciary Committee hearing for the Internet Radio Fairness Act.
MBIA (NYSE: MBI) avoided defaulting on bonds by changing the terms of its debt.
On the downside
Investors locked in profits on Nokia (NYSE: NOK), whose stock price climbed last week on strong Lumia sales.
Despite strong weekend sales, Macy's (NYSE: M) stock fell over concerns that fiscal cliff fears will dampen consumer spending.
McMoRan Exploration (NYSE: MMR) reported that hydrocarbon bearing porous sands were encountered in it Lineham Creek exploratory well.
In the broad market, declining issues outpaced advancers by a margin of more than 9 to 7 on the NYSE while advancers edged out decliners by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 809.
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