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Modestly Lower Close As Investors Weigh Court Ruling
Posted on June 28, 2012 at 17:36 PM EDT
The markets recovered earlier losses to close modestly lower with the Dow slipping 24 points to 12,602 as investors weighed the impact of the Supreme Court's decision to uphold the Affordable Care Act. Nasdaq fell 25 points to 2849.
On the upside
Highfields Capital increased its stake in Genworth Financial (NYSE: GNW) to 5.2%.
Bargain hunters lifted shares of Arch Coal (NYSE: ACI), whose stock price fell yesterday after Moody's downgraded the company's credit rating.
On the downside
Energy Transfer Partners (NYSE: ETP) priced its public offering of 13.5 million common units at $44.57 per unit.
Shares of Michael Kors (NYSE: KORS) fell after Central Asset Investments analyst Eddie Tam said that luxury stocks had little upside potential.
Gevo (Nasdaq: GEVO) stock continued falling after announcing a secondary offering yesterday to raise approximately $100 million.
In the broad market, advancing issues edged out decliners by a margin of 5 to 4 on the NYSE while decliners outpaced advancers by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 775.
Arch Coal, Inc. Dow Jones Industrial Average Dow Jones Industrial Average (EOD) Energy Transfer Partners GEVO Genworth Financial Inc. Cl A Michael Kors Holdings Molina Healthcare, Inc. NYSE COMPOSITE INDX Russell 1000 Index Russell 2000 Russell 3000 Index Standard & Poors 500 WellCare Health Plans, Inc.
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