Mixed Close On Strong Cyber Monday Sales
November 26, 2012 at 09:16 AM EST
The markets trimmed earlier losses to close mixed with the Dow losing 42 points to 12,967 while Nasdaq gained 9 points to 2976 on strong Cyber Monday sales.On the upsideDeutsche Bank analyst Mike Baker said that foot traffic over Black Friday weekend was the greatest at Best Buy (NYSE: BBY).Shares of Pandora Media (NYSE: P) rose ahead of the November 28 House Judiciary Committee hearing for the Internet Radio Fairness Act.MBIA (NYSE: MBI) avoided defaulting on bonds by changing the terms of its debt.On the downsideInvestors locked in profits on Nokia (NYSE: NOK), whose stock price climbed last week on strong Lumia sales.Despite strong weekend sales, Macy’s (NYSE: M) stock fell over concerns that fiscal cliff fears will dampen consumer spending.McMoRan Exploration (NYSE: MMR) reported that hydrocarbon bearing porous sands were encountered in it Lineham Creek exploratory well.In the broad market, declining issues outpaced advancers by a margin of more than 9 to 7 on the NYSE while advancers edged out decliners by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 809.
