Doubts About Fiscal Cliff Deal Sink Stocks
Congressional leaders met to discuss the fiscal cliff but the markets closed sharply lower with the Dow plunging 158 points to 12,938 as doubts mounted that a deal would be reached to avert tax increases and spending cuts. Nasdaq tumbled 25 points to 2960.
On the upside
Herbalife (NYSE: HLF) continued climbing after the nutritional supplement company hired a strategic advisor to help address pyramid scheme allegations.
Seeking Alpha wrote that LeapFrog (NYSE: LF) had the potential to double in 2013.
Ford (NYSE: F) will spend approximately $773 million to expand capacity at six manufacturing facilities in Michigan.
On the downside
Shares of Amyris (Nasdaq: AMRS) continued falling after completing a $42.25 million private placement yesterday. Profit taking sank shares of BPZ Resources (NYSE: BPZ), whose stock price rose yesterday after closing the sale of a 49% stake in its offshore Block Z-1 to Pacific Rubiales Energy.
Bloomberg wrote that Hewlett-Packard (NYSE: HPQ) was the worst Dow component stock of 2012.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 index fell 15 points to 1402.
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