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Markets Extend Losses As Dimon Testifies

The markets extended its losses during the midday with the Dow falling 84 points to 12,489 as JPMorgan chief executive Jamie Dimon testified before Congress about the company's $2 billion loss. Nasdaq dropped 25 points to 2817.

On the upside

Biostar Pharmaceuticals (Nasdaq: BSPM) and The Fourth Military Medical University will jointly conduct Phase I to III clinical trials for the skin disease treatment Viacom.

Shares of US Airways (NYSE: LCC) climbed after airlines announced sales prices for the slower fall travel season.

A Seeking Alpha contributor recommended a long position on Hovnanian Enterprises (NYSE: HOV) saying that home deliveries increased this year while cancellations have slipped.

On the downside

Constant Contact (Nasdaq: CTCT) paid approximately $65 million in cash to acquire privately held SinglePlatform and lowered its full year guidance as it invests in scaling SinglePlatform.

Scotts Miracle-Gro (NYSE: SMG) warned that full year results will fall short of expectations.

Cobalt International Energy (NYSE: CIE) will plug and abandon its Ligurian #2 exploratory well in the Gulf of Mexico.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 756.

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