Drop In Chinese Manufacturing Activity Sends Markets Tumbling
Manufacturing activity fell in China to send the markets tumbling to a sharply lower close with the Dow plunging 115 points to 13,057. Nasdaq dropped 20 points to 3053. On the upside
General Growth (NYSE: GGP) shareholder Pershing Square Capital Management recommended that the real estate investment trust sell itself. The Securities and Exchange Commission abandoned its efforts to regulate money market funds, lifting shares of Federated Investors (NYSE: FII). Calix (NYSE: CALX) will acquire the fiber access assets of Ericsson. On the downside Dahlman Rose downgraded U. S. Steel (NYSE: X) to a Hold rating.Sterne Agee downgraded Ultra Petroleum (NYSE: UPL) to an Underform rating. Howard Weil slashed its price target on Forest Oil (NYSE: FST) to $9.00 from $17.00. In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 6 points to 806.