Markets Extend Losses At Midday
The markets extended its losses during the midday with the Dow falling 85 points to 13,122 over global economic concerns. Nasdaq lost 14 points to 3005.
On the upside
Tokyo Electron will pay a premium of approximately $252.5 million in cash to acquire FSI International (Nasdaq: FSII).
A consortium of private equity firms offered $3.5 billion to acquire Focus Media (Nasdaq: FMCN).
Ascent Solar Technologies (Nasdaq: ASTI) introduced its EnerPlex solar powered charger for the Samsung Galaxy S III.
On the downside
Cowen downgraded SciClone Pharmaceuticals (Nasdaq: SCLN) to a Neutral rating. AuRico Gold (NYSE: AUQ) disappointed with lower second quarter earnings.
Bank of America downgraded Schnitzer Steel (Nasdaq: SCHN) to an underperform rating and lowered its price target to $28 from $31.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 792.
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