August 30, 2012 at 17:32 PM EDT
Hope For Stimulus Fizzles, Markets Plunge
Concerns that Federal Reserve chairman Ben Bernanke may not recommend additional stimulus measures in his highly anticipated speech tomorrow sent the markets tumbling to a sharply lower close with the Dow plummeting 106 points to 13,000. Nasdaq plunged 32 points to 3048.
On the upside
BP Prudhoe Bay Royalty Trust (NYSE: BPT) stated that the company did not comment on unusual market activity.
Northcoast Research upgraded Zale (NYSE: ZLC) to a Buy rating.
Mando may be interested in acquiring the 70% stake in Halla Climate Control that Visteon (NYSE: VC) owns.
On the downside
Bio-Reference (Nasdaq: BRLI) reported higher third quarter earnings but revenue fell short of expectations. Goldman Sachs initiated coverage of Magnum Hunter (NYSE: MHR) with a Neutral rating.
Digital Domain Media Group (NYSE: DDMG) will present at the 2012 Gateway Conference on September 6.
In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 9 points to 808.
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