The markets turned negative in late afternoon trading with the Dow falling 66 points to 11,954 over disappointment that the Federal Reserve failed to offer additional economic stimulus measures. Nasdaq tumbled 32 points to 2579.
On the upside
LiveDeal (Nasdaq: LIVE) raised $2 million through the sale more than 1.6 million common shares.
Pharmacyclics (Nasdaq: PCYC) reported upbeat results from a Phase Ib/II clinical trial of its irreversible Bruton's tyrosine kinase inhibitor PCI-32765 for treating relapsed or refractory chronic lymphocytic leukemia/small lymphocytic lymphoma.
Cabot Microelectronics (Nasdaq: CCMP) announced a special $15 per share dividend and increased its stock repurchase plan to $150 million.
On the downside
Avanir Pharmaceuticals (Nasdaq: AVNR) widened fourth quarter losses.
FuelCell Energy (Nasdaq: FCEL) narrowed fourth quarter losses but the stock price fell.
Penn Virginia (NYSE: PVA) lowered its fourth quarter production guidance.
In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 15 points to 718.
