Markets Slip As Greek Debt Talks Continue

The markets retreated to trade lower during the midday with the Dow losing 27 points to 12,692 as investors awaited debt negotiation news from Greece. Nasdaq slipped 5 points to 2780.

On the upside

An announcement by Chesapeake Energy (NYSE: CHK) this morning that it would cut natural gas production this year lifted shares of rival natural gas companies Southwestern Energy (NYSE: SWN), Cabot Oil & Gas (NYSE: COG), Range Resources (NYSE: RRC) and Forest Oil (NYSE: FST).


Analysts expect EQT (NYSE: EQT) to report sharply higher fourth quarter earnings on Thursday.

PetMed (Nasdaq: PETS) reported fourth quarter earnings and revenue that surpassed analyst expectations.


On the downside


Pan American Silver (Nasdaq: PAAS) will pay approximately $1.49 billion in cash and stock to acquire Minefinders.


Investors locked in profits on E-Commerce China Dangdang (NYSE: DANG), whose stock price climbed last week on news that China's economy continued expanding in the fourth quarter.

Hyperdynamics (NYSE: HDY) will suspend drilling at its Sabu-1 exploration well off the coast of Guinea for one week while equipment is repaired.

In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 7 on the NYSE while decliners edged out advancers by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 781.

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