Construction Spending Falls, Markets Extend Losses
The markets extended its losses during the midday with the Dow dropping 86 points to 13,015 as construction spending fell 0.9% in July. Nasdaq tumbled 9 points to 3057.
On the upside
The Centers for Medicare and Medicaid reduced the mandatory Medicaid rebates that Questcor (Nasdaq: QCOR) paid to states for Acthar.
Peregrine Pharmaceuticals (Nasdaq: PPHM) will present data from a Phase II clinical trial of its lung cancer treatment bavituximab at the 2012 Chicago Multidisciplinary Symposium in Thoracic Oncology at the end of the week.
Chelsea Therapeutics (Nasdaq: CHTP) will present at the 14th Annual Rodman & Renshaw Global Healthcare Investment Conference on Monday, September 10.
On the downside
ARM Holdings (Nasdaq: ARMH) cited a possible slowdown in sales for lowering its hiring targets prompting a downgrade. MannKind (Nasdaq: MNKD) filed for a $500 million mixed securities shelf.
Most of the contracts covering Supervalu's (Nasdaq: SVU) unionized workers will expire this fiscal year.
In the broad market, declining issues outpaced advancers by a margin of more than 9 to 7 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 813.
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