Markets Open Lower As Lawmaker Wrestle With Debt Ceiling
The markets opened lower with the Dow falling 52 points to 13,382 as lawmakers turned their attention to the debt ceiling. Nasdaq lost 7 points to 3093.
On the upside
Peregrine Pharmaceuticals (Nasdaq: PPHM) reported upbeat results from an internal review of a Phase II trial of its second-line non-small cell lung cancer treatment bavituximab.
Nationstar Mortgage (NYSE: NSM) will pay approximately $1.3 billion to acquire the servicing rights to $215 billion worth of residential mortgage servicing rights from Bank of America (NYSE: BAC).
Shipments of Vivus' (Nasdaq: VVUS) weight loss drug Qsymia surged nearly 68% in December compared with November.
On the downside
Roche said that it was no longer interested in acquiring Illumina (Nasdaq: ILMN). ITT Educational Services (NYSE: ESI) agreed to pay $46 million to settle a lawsuit with Sallie Mae.
Sequenom (Nasdaq: SQNM) reported unaudited preliminary operational results for 2012.
In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 index slipped 5 points to 1461.
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