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Earnings Concerns Weigh Down Markets
Concerns about corporate earnings weighed the markets down to a lower close with the Dow losing 36 points to 12,736. Nasdaq slipped 5 points to 2931.
On the upside
Shares of Medicaid insurers Centene (Nasdaq: CNC), Molina Healthcare (NYSE: MOH) and Wellcare Health (NYSE: WCG) all rose after WellPoint (NYSE: WLP) announced plans to acquire Amerigroup (NYSE: AGP).
A Seeking Alpha contributor listed Galena Biopharma (Nasdaq: GALE) as one of three small cap pharmaceuticals that the author may buy.
Jamba Juice (Nasdaq: JMBA) announced the grand opening of its joint venture store with Venus Williams in Washington DC.
On the downside
Patriot Coal (NYSE: PCX) filed for Chapter 11 bankruptcy protection.
Shares of Alpha Natural Resources (NYSE: ANR), Arch Coal (NYSE: ACI) and James River Coal (Nasdaq: JRCC) all fell after Patriot Coal (NYSE: PCX) filed for bankruptcy.
Shares of Pilgrim's Pride (NYSE: PPC) continued falling over concerns about Mexico's bird flu outbreak.
In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 7 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 804.
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