Debt Limit Concerns Sink Stocks

Federal debt limit concerns sent the markets tumbling during the midday with the Dow dropping 75 points to 15,252. Nasdaq slipped 3 points to 3783.

On the upside

Halozyme Therapeutics (Nasdaq: HALO) received a $10 million milestone payment from Roche for launching the breast cancer treatment Herceptin SC in Europe.

Shares of RingCentral (NYSE: RNG) leaped in its market debut.

Magnum Hunter (NYSE: MHR) chairman and chief executive Gary C. Evans will present at the IPAA Oil & Gas Investment Symposium on Monday, September 30, 2013.

On the downside

Shares of Violin Memory (NYSE: VMEM) tumbled on its first trading day.

Nektar Therapeutics (Nasdaq: NKTR) reported disappointing results from a Phase 2 study of its pain treatment NKTR-181.

Insurance Insider wrote that Tower Group (Nasdaq: TWGP) hired several banks to assist the company in solving its reserving crisis.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by more than 9 to 7 on Nasdaq. The broader S&P 500 lost 7 points to 1691.

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