On the upside
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.