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January 05, 2012 at 13:22 PM EST
Mixed Markets Even As Service Sector Expands
Although the nation's service sector expanded more than expected in December, European debt concerns continued to weigh on investors. The markets traded mixed during the midday with the Dow losing 19 points to 12,398 while Nasdaq gained 14 points to 2662.
On the upside
InterMune (Nasdaq: ITMN) reported that its idiopathic pulmonary fibrosis treatment Esbriet has generated approximately $2.8 million in sales in Germany since its mid-September launch.
December same store sales climbed 3.6% for Rite Aid (NYSE: RAD).
Wedbush upgraded LSI (NYSE: LSI) to an Outperform rating and lifted its price target to $8.50 per share from $7 per share.
On the downside
MetroPCS (NYSE: PCS) reported a disappointing subscriber growth of 197,000 in the fourth quarter.
J.C. Penney (NYSE: JCP) warned of losses for the fourth quarter after December same store sales edged up less than the department store expected.
Shares of Banco Santander (NYSE: STD) fell after Spain said that their banking industry must raise an additional 50 billion euros to cover bad property assets.
In the broad market, advancing issues outpaced decliners by a margin of 3 to 2 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 750.
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