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January 08, 2013 at 11:46 AM EST
Losses Extended Ahead Of Earnings
The markets extended its losses during the midd a with the Dow falling 66 points to 13,317 on expectations of sluggish earnings. Nasdaq dropped 17 points to 3081.
On the upside
The Medicines Company (Nasdaq: MDCO) reported positive results from a Phase 3 clinical trial of its cangrelor treatment for patients undergoing percutaneous coronary intervention.
Star Scientific (Nasdaq: STSI) reported positive preliminary results from its ASAP Human Thyroid Study.
On the downside
Cypress Semiconductor (Nasdaq: CY) warned that fourth quarter results will fall short of expectations. Despite a new debt agreement, Seeking Alpha does not recommend investing in Alcatel-Lucent (NYSE: ALU).
William Blair analyst Jason Ader downgraded Fusion-io (NYSE: FIO) to a Neutral rating.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 index fell 7 points to 1454.
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