Renewed Economic Concerns Weigh Down Markets
Renewed concerns about the global economy weighed the markets down during the midday with the Dow falling 31 points to 13,578. Nasdaq tumbled 24 points to 3111.
On the upside
Rising iron ore prices lifted shares of Cliffs Natural Resources (NYSE: CLF).
Navistar (Nasdaq: NAV) named two new members to its board with connections to billionaire investor Carl Icahn.
Qlik Technologies (Nasdaq: QLIK) will report third quarter results after market close on Thursday, October 25, 2012.
On the downside
Progress Software (Nasdaq: PRGS) announced the resignation of chief executive Jay Bhatt and warned that fourth quarter revenue may be negatively impacted by Bhatt's departure.
ISI Group analyst Sumit Dhanda downgraded Intersil (Nasdaq: ISIL) to a Sell rating.
Goldman Sachs analyst Simon Schafer downgraded Alcatel-Lucent (NYSE: ALU) on Friday to a Sell rating and lowered the price target from $1.30 to $0.80.
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 slipped 3 points to 839.
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