Economic Concerns Weigh Down Markets
The markets retreated from earlier advances to close modestly lower with the Dow slipping 18 points to 13,326 over renewed economic concerns. Nasdaq eased 2 points to 3049.
On the upside
Tenet Healthcare (NYSE: THC) began trading today after commencing a one-for-four stock split.
Consol Energy (NYSE: CNX), James River Coal (Nasdaq: JRCC) and Walter Energy (NYSE: WLT) all climbed after Dahlman & Rose said that coal demand will rise in China.
Amicus Therapeutics (Nasdaq: FOLD) reported positive preliminary results in a Phase 2 study of its Pompe disease treatment.
On the downside
MKM Partners downgraded Ryland Group (NYSE: RYL) to a Sell rating.
Piper Jaffray analyst Michael Grondahl downgraded Higher One (NYSE: ONE) to an Underweight rating and cut its price target from $16 to $11.
GenCorp (NYSE: GY) widened third quarter losses as expenses climbed.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 829.
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