Markets Retreat Over Cyprus Tax Plan

The markets retreated during the midday with the Dow slipping 25 points to 14,427 as Cyrpus modified details of a plan to tax bank deposits. Nasdaq lost 13 points to 3224.

On the upside

Jefferies initiated coverage of ACADIA Pharmaceuticals (Nasdaq: ACAD) with a Buy rating.


eFuture (Nasdaq: EFUT) reversed year ago losses to post a profit for the fourth quarter.

Lattice Semiconductor (Nasdaq: LSCC) lifted its first quarter revenue guidance.


On the downside


Electronic Arts (Nasdaq: EA) chief executive John Riccitiello will leave the company on March 30.


Cardinal Health's (NYSE: CAH) contract to supply pharmaceutical products to Walgreen (NYSE: WAG) was not renewed.


Goldman Sachs downgraded Juniper Networks (NYSE: JNPR) to a Sell rating.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by nearly 9 to 7 on Nasdaq. The broader S&P 500 index fell 6 points to 1545.

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