Markets Lower As Spanish Bank Stress Test Results Revealed
The markets recovered earlier losses but continued trading lower with the Dow falling 48 points to 13,437 as stress tests of Spanish banks revealed a shortfall of $76.3 billion. Nasdaq slipped 11 points to 3125. On the upside
Cytori Therapeutics (Nasdaq: CYTX) won a contract from the Department of Health and Human Service's Biomedical Advanced Research and Development Authority worth up to $106 million to develop a treatment for thermal burns combined with radiation injury. Medtronic will pay approximately $816 million to acquire orthopedic devices maker China Kanghui Holdings (NYSE: KH). Facebook (Nasdaq: FB) introduced its Gifts service to a segment of its users allowing users to send real gifts to their friends. On the downside Shares of Catalyst Pharmaceutical Partners (Nasdaq: CPRX) continued falling after announcing on Wednesday that midstage clinical trial data from a cocaine addiction study would be delayed. Iridium Communications (Nasdaq: IRDM) priced a private offering of convertible preferred stock at $100 per share. Bank of America (NYSE: BAC) agreed to settle a shareholder lawsuit over the bank's acquisition of Merrill Lynch by paying $2.43 billion. In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 839.