Markets Plunge As Fiscal Cliff Looms
The markets extended its losses during the midday with the Dow collapsing 172 points to 13,139 as a fiscal cliff deal continued to elude lawmakers. Nasdaq plummeted 43 points to 3007.
On the upside
Second quarter earnings slipped for Nike (NYSE: NKE) but the results were better than expected.
FirstCity Financial (Nasdaq: FCFC) will by acquired by Varde Partners in an all cash deal valued at approximately $106 million.
EQT Infrastructure will take Westway Group (Nasdaq: WWAY) private for approximately $419 million.
On the downside
Argus Research downgraded Herbalife (NYSE: HLF) to a Hold rating after Pershing Square Capital Management's Bill Ackman called the nutritional supplement company a pyramid scheme. After rejecting American Railcar Industries' (NYSE: ARII) sweetened buyout bid, Greenbrier (NYSE: GBX) indicated that it was willing to engage in further discussions.
Echo Therapeutics (Nasdaq: ECTE) priced its public offering of 3.2 million common shares at the discounted price of $0.95 per share.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by more than 4 to 1 on Nasdaq. The broader S&P 500 index tumbled 19 points to 1424.
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