The markets extended its losses during the midday with the Dow losing 12 points to 12,058 after Fitch Ratins warned that the United States was in danger of losing its AAA sovereign ratings status. Nasdaq fell 25 points to 2676.
On the upside
Pharmasset (Nasdaq: VRUS) expanded the ELECTRON trial of its chronic hepatitis C treatment PSI-7977.
Canaccord cited greater than expectd output from the Marcellus Shale for upgrading Cabot Oil & Gas (NYSE: COG) to a Buy rating and lifting its price target from $58 to $85.
Ulta Salon (Nasdaq: ULTA) reported higher first quarter earnings that topped analyst estimates and forecast second quarter results ahead of expectations.
On the downside
MGIC Investment (NYSE: MTG) reported that it issued more than 13,000 new delinquency notices in May.
J. P. Morgan downgraded Impax Laboratories (Nasdaq: IPXL) to a Neutral rating.
Molycorp (NYSE: MCP) will offer $200 million in convertible senior notes.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 792.
