Fiscal Cliff Uncertainty Weighs Down Markets
Continued uncertainty over a fiscal cliff deal weighed the markets down to a lower close with the Dow losing 13 points to 12,951. Nasdaq slipped 5 points to 2996.
On the upside
Netflix (Nasdaq: NFLX) signed an exclusive, multiyear agreement to stream Disney (NYSE: DIS) movies approximately seven months after their theatrical run.
Nokia (NYSE: NOK) will sell its headquarters in Finland for approximately $220 million. Also, Bloomberg reported that the mobile device maker was close to finalizing a deal to sell its Lumia 920 in China.
Hewlett-Packard (NYSE: HPQ) named Mike Nefkens to the position of executive vice president of HP Enterprise Services.
On the downside
Trefis lowered its price target on Groupon (Nasdaq: GRPN) to $4.
Investors locked in profits on New Oriental Education & Technology (NYSE: EDU), whose stock price climbed last week after Muddy Waters stopped shorting the company.
The Wall Street Journal reported that Cerberus Capital Management may no longer be interested in acquiring Best Buy (NYSE: BBY).
In the broad market, declining issues edged out advancers by a margin of nearly 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 822.
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