Lower close despite strong consumer spending

Consumer spending climbed more than expected but the markets closed lower with the Dow losing 18 points to 18,142 as crude oil prices extended their losses. Nasdaq eased a fraction to 5,189.


On the upside


Bloomberg reported that Brocade Communications Systems (Nasdaq: BRCD) was in advanced discussions to sell itself.


Loeb Holding offered to acquire the Pet Health Monitoring Segment of Intersections (Nasdaq: INTX).


Ophthotech (Nasdaq: OPHT) reported positive results from a Phase 2b study of Fovista in combination with Lucentis to treat wet age-related macular degeneration.


On the downside


Lumber Liquidators (NYSE: LL) widened losses for the third quarter.


Bloomberg reported that former Valiant Pharmaceuticals (NYSE: VRX) chief executive Michael Pearson and former chief financial officer Howard Schiller were being investigated for fraud.


Shares of Opera Therapeutics (Nasdaq: OPXA) extended its losses.


In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE while decliners edged out advancers by nearly 10 to 9 on Nasdaq. The broader S&P 500 held steady at 2,126. Bitcoin added $2 to $699.

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