Global Economic Concerns Weigh Down Markets
Global economic concerns weighed the markets down during the midday with the Dow slipping 28 points to 13,551. Nasdaq lost 22 points to 3157.
On the upside
A judge ruled that while Rambus (Nasdaq: RMBS) did destroy documents, its patents were valid and infringed upon by SK Hynix.
The Internet Radio Fairness Act should lower royalty payment rates for Pandora Media (NYSE: P).
Credit Suisse lifted its price target on Rock-Tenn (NYSE: RKT) from $73 to $82.
On the downside
Goldman Sachs downgraded Veeco Instruments (Nasdaq: VECO) to a Sell rating.
Vonage Holdings' (NYSE: VG) early investor New Enterprise Associates distributed 5.8 million of its common shares in Vonage to limited partners of its funds.
Shares of Suntech (NYSE: STP) fell after SoloPower secured a $197 million government loan guarantee.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 854.
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