Lower Close Over J. P. Morgan's $2 Billion Loss
Posted on May 11, 2012 at 18:15 PM EDT
The markets closed lower with the Dow falling 34 points to 12,820 as investors digested J. P. Morgan's $2 billion loss. Nasdaq edged up a fraction to 2933.
On the upside
Reuters reported that LinkedIn and Silver Lake may be interested in acquiring Monster Worldwide (NYSE: MWW).
Three directors and one executive vice president recently purchased Heckmann (NYSE: HEK) stock.
The Food and Drug Administration advisory panel's approval recommendation for Arena's (Nasdaq: ARNA) Lorcaserin lifted shares of Orexigen Therapeutics (Nasdaq: OREX) which is testing its own weight loss treatment Contrave.
On the downside
The Wall Street Journal reported that Chesapeake Energy (NYSE: CHK) has accumulated approximately $1.4 billion in undisclosed liabilities.
Shares of Kemet (NYSE: KEM) continued falling a day after reporting sharply lower fourth quarter earnings that missed analyst expectations.
Shares of MEMC Electronic Materials (NYSE: WFR) continued falling after reporting a wider than expected loss for the first quarter yesterday.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 790.
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