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Markets Down Over Unexpected Drop In Home Construction
Wednesday November 18, 2009 - 12:13 PM EST
An unexpected drop in home construction activity weighed down the markets during the midday with the Dow falling 58 points to 10,378. Nasdaq dropped 19 points to 2184.
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An unexpected drop in home construction activity weighed down the markets during the midday with the Dow falling 58 points to 10,378. Nasdaq dropped 19 points to 2184.
On the upside Advanced Micro Devices (NYSE: AMD) announced plans to repurchase up to $1 billion worth of senior convertible notes. Regions Financial (NYSE: RF) will resume matching contributions to employee 401(k) plans and restart pension plan contributions. Jiangxi International Trust and Investment Co. will pay approximately $219 million for a 15% stake in LDK Solar's (NYSE: LDK) Chinese polysilicon plant. On the downside Oncolytics Biotech (Nasdaq: ONCY) will offer approximately 4.25 million common shares and warrants in order to raise nearly $12.8 million. Goldman Sachs downgraded Vimpel Communications (NYSE: VIP) saying that the stock price has more than tripled in 2009. Merriman Curhan Ford downgraded Exelixis (NYSE: EXEL). In the broad market, declining issues outpaced advancers by a margin of 7 to 5 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 3 points to 598.
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