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Stalled Talks Weigh Down Markets
Posted on December 03, 2012 at 17:27 PM EST
Stalled fiscal cliff negotiations weighed the markets down to a lower close with the Dow falling 59 points to 12,965. Nasdaq lost 8 points to 3002.
On the upside
The Wall Street Journal profiled Qihoo 360 Technologies (NYSE: QIHU) founder Zhou Hongyi.
Williams Financial Group analyst Cody Acree said that Advanced Micro Devices' (NYSE: AMD) largest shareholder Mubadala Development would most likely extend a loan to the company if necessary.
On the downside
Zynga (Nasdaq: ZNGA) vice president Roy Sehgal and general manager Steve Schreck have left the online social gaming company.
SunCoke Energy (NYSE: SXE) postponed the initial public offering of a limited partnership.
Canaccord Genuity analyst Michael Graham downgraded Bankrate (NYSE: RATE) to a Hold rating and lowered his price target from $16 to $14.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 820.
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