Lower Close Even As Auto Sales Climb

Despite an increase in November auto sales, the markets closed lower with the Dow tumbling 94 points to 15,914. Nasdaq fell 8 points to 4037.

On the upside

InterCloud Systems (Nasdaq: ICLD) redeemed and cancelled $3 million worth of preferred stock.

Mechel (NYSE: MTL) revised the terms of a $1 billion loan.

A Belgian appeals court overturned a lower court's ruling that Herbalife (NYSE: HLF) was a pyramid scheme.

On the downside

ServiceSource (Nasdaq: SREV) changed the structure of its global sales and leadership organization.

Credit Suisse downgraded Cobalt International Energy (NYSE: CIE) from an Outperform rating to a Neutral rating.

Shares of Rackspace Hosting (NYSE: RAX) tumbled after Google (Nasdaq: GOOG) cut prices on its Compute Engine cloud storage facility.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by 5 to 3 on Nasdaq. The broader S&P 500 lost 5 points to 1795. Bitcoin edged up $11.99 or 1.11% to $1,097.10.

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