November 07, 2012 at 09:52 AM EST
Economic Concerns Sink Stocks
The markets tumbled to open sharply lower with the Dow plummeting 231 points to 13,014 as the looming fiscal cliff along with continued European debt problems weighed on investors. Nasdaq sank 55 points to 2956.
On the upside
Shares of healthcare services providers Community Health Systems (NYSE: CYH), HCA Holdings (NYSE: HCA) and Health Management Associates (NYSE: HMA) all rose as President Barak Obama's reelection ensured implementation of the Affordable Care Act.
AT&T's (NYSE: T) three-year, $14 billion plan to expand its wireline and wireless networks lifted shares of Ciena (Nasdaq: CIEN) and JDS Uniphase (Nasdaq: JDSU).
HMS Holdings (Nasdaq: HMSY) will present at the 2012 Credit Suisse Healthcare Conference on Wednesday, November 14, Piper Jaffray 24th Annual Healthcare Conference on Tuesday, November 27 and Oppenheimer 23rd Annual Healthcare Conference on Wednesday, December 12. On the downside
Concerns of stricter environmental regulations under President Barak Obama weighed down shares of Arch Coal (NYSE: ACI), Alpha Natural Resources (NYSE: ANR) and James River Coal (Nasdaq: JRCC).
NII Holdings (Nasdaq: NIHD) widened third quarter losses more than expected.
LivePerson (Nasdaq: LPSN) disappointed with lower third quarter earnings and forecast current quarter results below expectations.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 16 points to 809.
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