Mid-Day Report

|

Despite a decline in the nation's trade deficit, the markets fell during the midday over concerns of a slowing economy.  The Dow dropped 79 points to 13,261 while Nasdaq tumbled 32 points to 2604.

On the upside

Upbeat sales prompted KongZhong (Nasdaq: KONG) to boost its fourth quarter revenue guidance.

Gaming promoter Ama International began an exclusive promotion campaign for the VIP gaming business at Melco PBL Entertainment's (Nasdaq: MPEL) Crown Macau.

Ambac Financial (NYSE: ABK) is continuing its investigation into solutions to expand its capital position.

On the downside

ACI Worldwide (Nasdaq: ACIW) reported lower revenue and forecast fourth quarter results well below estimates.

Citi Investment Research analyst Mark Mahaney (Nasdaq: PCLN) downgraded Priceline.com citing valuation concerns.

In a client note, Jefferies & Co. analyst John Lau said that memory chip prices have fallen by half sending shares of memory chip maker Micron (NYSE: MU) tumbling.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 748.

About this Entry

This page contains a single entry by published on December 17, 2007 8:53 AM.

Opening Bell Report was the previous entry in this blog.

Closing Bell Report is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12