Fiscal Cliff Hopes Evaporating, Markets Fall
With the chances of a fiscal cliff deal slowly evaporating, investors sold off sending the markets lower during the midday with the Dow falling 67 points to 13,029. Nasdaq slipped 6 points to 2979.
On the upside
Wall Street Cheat Sheet noted that shares of LDK Solar (NYSE: LDK) and Suntech Power Holdings (NYSE: STP) advanced recently on news China planned to double solar subsidies.
Yongye (Nasdaq: YONG) entered a $99 million loan facility with China Development Bank.
magicJack (Nasdaq: CALL) named Gerald T. Vento to the position of president and chief executive officer effective January 1, 2013. The voice over IP company also lifted its fourth quarter and full year guidance.
On the downside
Central European Distribution (Nasdaq: CEDC) and Russian Standard revised their strategic alliance. Omeros (Nasdaq: OMER) reported that its knee surgery drug OMS103HP failed a later stage clinical trial.
Zacks Equity Research selected DryShips (NYSE: DRYS) as the Bear of the Day.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on the NYSE and by more than 10 to 9 on Nasdaq. The broader S&P 500 index lost 6 points to 1411.
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