Markets Turn Negative Over Fiscal Cliff
Despite upbeat economic data, the markets turned negative during the midday with the Dow losing 59 points to 13,186 as fiscal cliff discussions continued without any signs of compromise. Nasdaq fell 22 points to 2991.
On the upside
Shares of SolarCity (Nasdaq: SCTY) soared in its market debut.
Barclays analyst Blayne Curtis upgraded RF Micro Devices (Nasdaq: RFMD) to an Overweight rating and lifted his price target from $5 to $6.
Deutsche Bank added J. C. Penney (NYSE: JCP) to its short term buy list yesterday.
On the downside
AstraZeneca (NYSE: AZN) and Rigel Pharmaceuticals (Nasdaq: RIGL) reported disappointing results from a midstage clinical trial of their rheumatoid arthritis treatment fostamatinib.
Wunderlich Securities downgraded Allot Communications (Nasdaq: ALLT) to a Hold rating and cut its price target from $27 to $21.
Restoration Hardware (NYSE: RH) reversed year ago losses to post a better than expected profit for the third quarter but the stock price dropped.
In the broad market, declining issues outpaced advancer by a margin of nearly 2 to 1 on the NYSE and by 7 to 5 on Nasdaq. The broader S&P 500 index lost 8 points to 1419.
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