Markets Flat Over Global Economic Slowdown
The markets traded flat during the midday with the Dow slipping 4 points to 13,573 as the global economy continued to slow. Nasdaq lost 11 points to 3171.
On the upside
Questcor (Nasdaq: QCOR) said that Aetna's (NYSE: AET) decision to limit reimbursements for Acthar did not would not materially impact coverage.
NII Holdings (Nasdaq: NIHD) chief executive Steve Dussek increased his stake in the company by 12%.
A Seeking Alpha contributor expects ACADIA Pharmaceuticals' (Nasdaq: ACAD) pimavanserin to be the first antipsychotic to be approved to treat Parkinson's Disease Psychosis.
On the downside
Skyworks Solutions (Nasdaq: SWKS) lifted its fourth quarter earnings outlook but the stock price fell.
J.C. Penney (NYSE: JCP) chief executive Ron Johnson warned that challenges would continue for the retailer.
Norfolk Southern (NYSE: NSC) warned that third quarter results would drop.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 851.
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