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.

Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here