Markets Slip Ahead Of Earnings

The markets slipped ahead of earnings season with the Dow falling 34 points to 9696 over continued concerns about the economic recovery. Nasdaq eased a fraction to 2103.

On the upside

According to Bloomberg, China's Minsheng Bank plans to increase its stake in UCBH Holdings (Nasdaq: UCBH) from its current 9.6% to at least 50%.

Labopharm's (Nasdaq: DDSS) active pharmaceutical ingredient supplier resolved manufacturing deficiencies with the Food and Drug Administration.

Goldman Sachs analyst Steven Kent upgraded Wyndham Worldwide (NYSE: WYN) for the company's decision to focus on its fee-for-service business rather than a timeshare business.

On the downside

Viasystems Group announced an all stock deal to purchase rival Merix (Nasdaq: MERX).

Gammon Gold (NYSE: GRS) announced a bought deal financing agreement for $100 million.

AspenBio Pharma (Nasdaq: APPY) priced its offering of 4.5 million shares of common stock at $1.70 per share.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 4 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 600.

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