The markets opened lower with the Dow slipping 19 points to 19,799 on the last trading day of the year. Nasdaq dropped 35 points to 5,396.
On the upside
Morgan Stanley upgraded Cempra (Nasdaq: CEMP) from an Underweight rating to an Equal Weight rating.
Seeking Alpha wrote that ImmunoGen (Nasdaq: IMGN) was a Strong Buy.
Shares of OvaScience (Nasdaq: OVAS) extended its gains.
On the downside
Opko Health (Nasdaq: OPK) reported disappointing results from a Phase 3 clinical study of hGH-CTP in growth hormone deficient adults.
The Food and Drug Administration issued a Refusal to File letter to Innocoll Holdings (Nasdaq: INNL) for the New Drug Application for XARACOLL prompting downgrades.
The Federal Trade Commission has requested additional information regarding the proposed acquisition of Cabela's (NYSE: CAB) by Bass Pro Shops.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 index fell 5 points to 2,243. Bitcoin dropped $11 to $939.
