Fiscal Cliff Concerns Weigh Down Markets
Renewed concerns about the impending fiscal cliff sent the markets tumbling to a lower open with the Dow dropping 71 points to 12,938. Nasdaq slipped 6 points to 2960.
On the upside
Shares of Alcatel-Lucent (NYSE: ALU) continued rising after Bloomberg reported on Friday that the company engaged in discussions with Goldman Sachs for a loan.
The Wall Street Journal reported that Knight Capital (NYSE: KCG) may sell its market-making operations.
Bernstein Research analyst Carlos Kirjner upgraded Facebook (Nasdaq: FB) to an Outperform rating and raised his price target from $23 to $33.
On the downside
Qatar Holdings sold warrants in Barclays (NYSE: BCS).
Janney Montgomery Scott downgraded Aeropostale (NYSE: ARO) from a Buy rating to Neutral.
FBR Capital downgraded Chico's FAS (NYSE: CHS) to a Market Perform rating and trimmed its price target to $18 from $20.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by a margin of 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 805.
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