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June 20, 2012 at 12:28 PM EDT
Markets Negative Ahead Of Possible Fed Action
The markets turned negative during the midday with the Dow slipping 13 points to 12,824 ahead of possible action by the Federal Reserve to further stimulate the struggling economy. Nasdaq held steady at 2929.
On the upside
Third quarter earnings slipped for Jabil Circuit (NYSE: JBL) but revenue rose.
A district court denied an injunction that Butamax sought against Gevo (Nasdaq: GEVO).
UBS initiated coverage of Health Management Associates (NYSE: HMA) with a Buy rating.
On the downside
FSI International (Nasdaq: FSII) reported sharply higher third quarter earnings but the company forecast fourth quarter results below analyst expectations.
Jefferies analyst James Kisner downgraded Acme Packet (Nasdaq: APKT) to a Hold rating.
The government will auction the first nuclear powered guided missile cruiser USS Long Beach for scrap metal through Liquidity Services' (Nasdaq: LQDT) marketplace Government Liquidation but the stock price fell.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points 784.
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