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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