German Business Sentiment Falls, Markets Close Mixed
The markets closed mixed with the Dow losing 33 points to 13,124 as business sentiment in Germany fell. Nasdaq added 3 points to 3073.
On the upside
Sarepta Therapeutics (Nasdaq: SRPT) reported upbeat results from a clinical trial of its Duchenne muscular dystrophy treatment eteplirsen prompting ThinkEquity analyst Kimberly Lee it initiate coverage of the biopharmaceutical with a Buy rating.
Second quarter earnings for Tiffany & Co. (NYSE: TIF) missed estimates but the jeweler expects margins to improve in the holiday quarter.
Savient Pharmaceuticals (Nasdaq: SVNT) will present at the Rodman & Renshaw 14th Annual Healthcare Conference on Monday, September 10, 2012.
On the downside
The Shuman Law Firm initiated an investigation into Walter Energy (NYSE: WLT) for safety violations and production delays. Corinthian Colleges (Nasdaq: COCO) will present at the BMO Capital Markets 12th Annual Back to School Education Conference on Thursday, September 13, 2012.
The Law Offices of Todd M. Garber filed a class action lawsuit against Zynga (NYSE: ZNGA) claiming that the social gaming company issued deceptively positive financial forecasts that benefitted senior executives and select investors who sold their shares at inflated prices.
In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE while advancers were on par with decliners on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 810.
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