September 17, 2012 at 18:11 PM EDT
Lower Close As New York Manufacturing Contracts
A contraction in New York manufacturing activity weighed the markets down to a lower close with the Dow dropping 40 points to 13,553. Nasdaq slipped 8 points to 3178.
On the upside
A Seeking Alpha contributor listed Savient Pharmaceuticals (Nasdaq: SVNT) as one of three best biotech stocks of the week.
Waste Connections (NYSE: WCN) will pay approximately $1.3 billion in cash to acquire R360 Environmental Solutions.
A Seeking Alpha contributor expects Catalyst Pharmaceutical Partners (Nasdaq: CPRX) to report upbeat results from a Phase IIb trial of its cocaine and methamphetamine addiction treatment CPP-109 by the end of September, four months ahead of expectations.
On the downside
AK Steel (NYSE: AKS) warned on Friday of a larger than expected loss for the third quarter.
Longbow Research downgraded Rock-Tenn (NYSE: RKT) to a Neutral rating.
B. Riley & Co. analyst Ian Corydon downgraded Globe Specialty Metals (Nasdaq: GSM) to a Neutral rating from Buy.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 858.
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