Mid-Day Report

Higher wholesale inflation sent the markets tumbling during the midday with the Dow dropping 72 points to 13,402. Nasdaq fell 24 points to 2647.

On the upside

Rigel Pharmaceuticals (Nasdaq: RIGL) reported positive midstage trial results for its rheumatoid arthritis treatment R788.

An article on the New York Times' website said that Lufthansa was negotiating with JetBlue Airways (Nasdaq: JBLU) to purchase a stake in the company.

MoneyGram International (NYSE: MGI) rejected a $20 per share unsolicited acquisition offer from Euronet Worldwide (Nasdaq: EEFT).

On the downside

The Food and Drug Administration requested more data from Neurocrine Biosciences (Nasdaq: NBIX) for its insomnia treatment indiplon.

American Dental Partners (Nasdaq: ADPI) may have to pay compensatory damages of $88.3 million after a jury found the company liable for breaching a service agreement.

Biogen Idec (NYSE: BIIB) ended its search for a buyer after a two month process that failed to produce any offers.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 760.

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