On the upside
Oncolytics Biotech (Nasdaq: ONCY) received an FDA nod to proceed with phase 3 trial of its head and neck cancer treatment.
CIT Group (NYSE: CIT) reached a preliminary agreement to shed debt and to give up 93% of the company to bondholders.
Shares of A123 Systems (Nasdaq: AONE), which recently completed an initial public offering, rose to a new high.
On the downside
Shares of EnteroMedics (Nasdaq: ETRM) tumbled after the company reported disappointing preliminary results for obesity treatment.
Edge Petroleum (Nasdaq: EPEXP) filed for chapter 11 bankruptcy giving up all of its assets to senior secured debt holders.
SMART Modular Technologies (Nasdaq: SMOD) reported higher revenues and a smaller loss, but the company was cautious about demand for DRAM chips.
In the broad market, declining issues outpaced advancers by a margin of 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 579.
