Modestly Lower Close As Confidence Drops
The markets recovered earlier losses but still closed lower with the Dow losing 18 points to 13,096 as consumer confidence dropped in December. Nasdaq slipped 4 points to 2985.
On the upside
Longbow upgraded Chemtura (NYSE: CHMT) to a Buy rating.
Forbes noted that Ruckus Wireless (NYSE: RKUS) had a larger market capitalization than some smaller S&P 500 components.
Apple (Nasdaq: AAPL) chief executive Tim Cook received a large cut in his 2012 compensation package.
On the downside
Profit taking sank shares of SGOCO Group (Nasdaq: SGOC) whose stock price rose after the company announced yesterday that it would hold its annual shareholder meeting on December 28, 2012. CNNMoney listed AK Steel (NYSE: AKS) as one of the worst performing stocks of 2012.
Seeking Alpha named Cellcom Israel (NYSE: CEL) as one of the worst telecom stocks of 2012.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by more than 9 to 7 on Nasdaq. The broader S&P 500 index eased a point to 1418.
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