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Spain Requests Assistance, Markets Open Lower
Posted on June 25, 2012 at 10:55 AM EDT
The markets opened lower with the Dow plunging 160 points to 12,480 after Spain officially requested financial assistance for its banks. Nasdaq plummeted 48 points to 2843.
On the upside
A federal court ruled in favor of Teva (NYSE: TEVA) in a patent infringement case over the company's multiple sclerosis treatment Copaxone.
Quest Software (Nasdaq: QSFT) received a higher acquisition offer of approximately $2.32 billion from a strategic bidder.
Anheuser-Busch InBev offered $15 billion to acquire Corona maker Grupo Modelo. Constellation Brands (NYSE: STZ) has an agreement to distribute Corona through 2016.
On the downside
Ventrus Biosciences (Nasdaq: VTUS) reported disappointing results from a late stage clinical trial of its piles treatment VEN 309.
Shares of Nokia (NYSE: NOK) fell after Goldman Sachs cut its global 2012 handset growth outlook from 10% to 4% and its smartphone growth from 42% to 38%.
In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 13 points 761.
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