Lower Close With Europe Mired In Debt
Posted on December 30, 2011 at 17:15 PM EST
The markets ended the year flat with Europe mired in debt and the domestic job market just beginning to show some signs of recovery. The Dow fell 69 points to close the year at 12,217 while Nasdaq lost 8 points to 2605.
On the upside
Lexicon Pharmaceuticals (Nasdaq: LXRX) completed a rights offering that generated proceeds of approximately $161 million.
Piper Jaffray initiated coverage of Frontier Communications (NYSE: FTR) with a Neutral rating.
A Seeking Alpha contributor listed RAM Energy Resources (Nasdaq: RAM) as one of four frequently traded stocks with a return on equity of more than 50%.
On the downside
A faulty battery by A123 Systems (Nasdaq: AONE) prompted Fisker Automotive to recall 239 Karma electric sports cars.
Jordan Opportunity Fund portfolio manager Jerry Jordan has a favorable view of regional bank Fifth Third Bancorp (Nasdaq: FTB) but the stock price fell.
Chesapeake Energy (NYSE: CHK) failed to complete a $2.14 billion joint venture by mid-December as stated in the letter of intent.
In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 740.
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