Cyprus Concerns Weigh Down Markets

Concerns about Cyprus weighed the markets down to a lower open with the Dow dropping 78 points to 14,480. Nasdaq fell 20 points to 3232.

On the upside

A Seeking Alpha contributor expects the Food and Drug Administration to approve Chelsea Therapeutics' (Nasdaq: CHTP) symptomatic neurogenic hypotension in Parkinson's disease treatment Northera.

SAIC (NYSE: SAIC) reversed year ago losses to post a profit for the fourth quarter and the company declared a special dividend.

Mad Money's Jim Cramer said that Diana Shipping (NYSE: DSX) was poised to rebound.

On the downside

Morgan Stanley downgraded Cliffs Natural Resources (NYSE: CLF) to an Underweight rating.

Francesca's Holdings (Nasdaq: FRAN) announced a secondary offering of more than 7.39 million common shares.

Aastrom Biosciences (Nasdaq: ASTM) will end development of its critical limb ischemia treatment.

In the broad market, declining issues outpaced advancers by a margin of 3 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The broader S&P 500 index lost 8 points to 1555.

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