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Disappointing Retail Sales Weighs Down Markets
Posted on July 05, 2012 at 10:40 AM EDT
Disappointing retail sales weighed the markets down to a lower open with the Dow dropping 64 points to 12,879. Nasdaq fell 11 points to 2964.
On the upside
Rising coal demand in Europe continued to lift shares of Patriot Coal (NYSE: PCX).
The Food and Drug Administration approved OraSure Technologies' (Nasdaq: OSUR) over-the-counter OraQuick In-Home HIV Test.
On the downside
Finland's prime minister said that the government will not bailout Nokia (NYSE: NOK).
HSBC Securities downgraded ArcelorMittal (NYSE: MT) to a Neutral rating and lowered its price target to $18.30 from $18.90.
Greece's Supreme Administrative Court provisionally suspended the cutting of trees in a forest area owned by Eldorado Gold (NYSE: EGO) subsidiary Hellas Gold.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 813.
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