Mixed Close Over Spanish Bank Concerns
It was a mixed close for the markets with the Dow falling 32 points to 13,482 over concerns that Spanish banks may need even more capital than originally estimated. Nasdaq rose 6 points to 3120.
On the upside
Needham & Co. upgraded Zoltek (Nasdaq: ZOLT) to a Buy rating.
Extreme Networks (Nasdaq: EXTR) will repurchase up to $75 million worth of common stock and launched its Global Partner Advisory Council.
The Federal Communication Commission opened a public comment period on Liberty Media's application to take over Sirius XM Radio (Nasdaq: SIRI).
On the downside
Deutsche Telekom's acquisition of MetroPCS (NYSE: PCS) weighed down shares of Sprint (NYSE: S). Rumors had circulated recently that Sprint and T-Mobile were exploring a possible partnership.
Profit taking sank shares of Nokia (NYSE: NOK) whose stock price rose yesterday after announcing a deal with Oracle (Nasdaq: ORCL).
RadioShack (NYSE: RSH) entered a new $100 million term loan agreement and amended an existing credit agreement.
In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 839.
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