Budget Concerns Weigh Down Markets

Concerns about the viability of the House Republican budget proposal weighed the markets down during the midday with the Dow easing a point to 14,445. Nasdaq lost 16 points to 3236.

On the upside

OCZ Technology (Nasdaq: OCZ) entered a $30 million loan agreement with Hercules Technology Growth Capital.

VeriFone Systems (NYSE: PAY) chief executive Douglas Bergeron resigned.

Rumors circulated that J.C. Penney (NYSE: JCP) chief executive Ron Johnson was resigning but the department store operator denied the rumors.

On the downside

Profit taking sank shares of China Auto Logistics (Nasdaq: CALI).

AVG Technologies (NYSE: AVG) hired Schweichler Price Mullarkey & Barry to recruit a new chief executive for the Internet security solutions provider.

Suntech Power (NYSE: STP) will close a solar panel manufacturing plant in Arizona.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 index lost 3 points to 1552.

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