Stocks Fall Ahead Of Earnings
The markets traded lower during the midday with the Dow dropping 51 points to 12,720 ahead of corporate earnings reports. Nasdaq slipped 7 points to 2929.
On the upside
Central European Distribution (Nasdaq: CEDC) announced the resignation of chairman, president and chief executive Willaim V. Carey. The vodka maker also signed amended agreements on its strategic alliance with Russian Standard.
Sales of Questcor Pharmaceuticals' (Nasdaq: QCOR) multiple sclerosis treatment Acthar climbed in the second quarter.
A Seeking Alpha contributor listed three developments indicating that Antares Pharma (Nasdaq: ATRS) would rise.
On the downside
Luminex (Nasdaq: LMNX) will acquire privately held GenturaDx for approximately $50 million in cash.
Shares of A123 Systems (Nasdaq: AONE) continued falling after announcing that it only had enough cash to fund operations for five more months.
News that Facebook (Nasdaq: FB) may enter the professional networking space with a job listing board sent shares of LinkedIn (NYSE: LNKD) tumbling.
In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 803.
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