Lower Close As Cyprus Banks Prepare To Reopen

The markets closed lower with the Dow losing 33 points to 14,526 as banks in Cyprus prepared to reopen on Thursday. Nasdaq added 4 points to 3256.

On the upside

The South African Court of Appeal upheld a contract between Net 1 UEPS Technologies (Nasdaq: UEPS) and the South African Social Security Agency.

Shah Capital Management offered a premium of approximately $3.20 per share to take UTStarcom Holdings (Nasdaq: UTSI) private.

Barclays analyst Anthony DiClemente upgraded AOL (NYSE: AOL) to an Overweight rating.

On the downside

Tumi Holdings (NYSE: TUMI) announced a secondary offering of 10.14 million common shares.

Profit taking sank shares of Opexa Therapeutics (Nasdaq: OPXA).

Pacific Crest analyst Andy Hargreaves lowered his lowered his second quarter sales estimates for Apple's (Nasdaq: AAPL) iPhone and iPad.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while decliners edged out advancers by nearly 10 to 9 on Nasdaq. The broader S&P 500 index eased a fraction to 1562.

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