December 03, 2013 at 13:21 PM EST
Markets Tumble As Detroit Bankruptcy Allowed

The markets tumbled during the midday with the Dow plunging 117 points to 15,891 after a judge allowed the city of Detroit to file for Chapter 9 bankruptcy protection. Nasdaq dropped 16 points to 4028.

On the upside

OncoMed Pharmaceuticals (Nasdaq: OMED) and Celgene (Nasdaq: CELG) will jointly develop and commercialize up to six anti-cancer stem cell products.

Shares of Gogo (Nasdaq: GOGO) continued rising.

Activist investor Engaged Capital demanded that Abercrombie & Fitch (NYSE: ANF) replace chief executive Michael Jeffries.


On the downside


A Seeking Alpha contributor suggested that Echo Therapeutic's (Nasdaq: ECTE) Symphony CGM system may not be very accurate.

Forest Oil (NYSE: FST) announced a capital budget of $290 million to $310 million for 2014.

Leidos Holdings (NYSE: LDOS) warned of losses for the third quarter on lower revenue and cut its full year revenue and earnings guidance.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 fell 9 points to 1791. Bitcoin edged up $11.99 or 1.11% to $1,097.10.

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