Modestly Higher Close As Investors Monitor Fiscal Cliff Developments
The markets closed modestly higher with the Dow adding 14 points to 13,169 as investors continued to monitor fiscal cliff developments. Nasdaq rose 8 points to 2986. On the upside
Acura Pharmaceuticals (Nasdaq: ACUR) launched a version of its decongestant that is harder to turn into methamphetamine. UniPixel (Nasdaq: UNXL) stock continued rising after announcing on Friday a multi-million dollar deal to license its UniBoss Performance Engineered Film technology for notebooks. Infinity Pharmaceuticals (Nasdaq: INFI) reported positive interim data from a Phase 1 clinical trial of its hematologic malignancy treatment IPI-145. On the downside A Seeking Alpha contributor questioned the results of Acadia Pharmaceuticals' (Nasdaq: ACAD) Phase III trial of pimavanserin. Jefferies analyst Luke Folta downgraded GrafTech International (NYSE: GTI) to a Hold rating and cut his price target from $9 to $6. Oclaro (Nasdaq: OCLR) commenced a private offering of $25 million in exchangeable senior notes. In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 826.