Fiscal Cliff Talks Falter, Markets Mixed
Negotiations to avert the fiscal cliff appeared to falter. The markets traded mixed during the midday with the Dow losing 12 points to 13,013. Nasdaq added 4 points to 3015.
On the upside
MGIC Investment (NYSE: MTG) satisfied conditions to continue selling mortgage insurance.
A Seeking Alpha contributor wrote on Friday that OCZ Technology (Nasdaq: OCZ) had the potential to surge 200% next year.
Continental Resources (NYSE: CLR) reported that the Charlotte 3-22H well in the Bakken field contained 57% more oil than previously estimated.
On the downside
Shares of BioCryst Pharmaceuticals (Nasdaq: BCRX) continued falling after terminating plans to merge with Presidio Pharmaceuticals on Friday.
Goldman Sachs downgraded Emulex (NYSE: ELX) to a Sell rating.
Investors locked in profits on QLogic (Nasdaq: QLGC) whose stock price climbed last week after presenting at the Credit Suisse Technology Conference.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 821.
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