Dow Chemical Joint Venture Cancelled, Markets Fall
The Kuwaiti government cancelled a joint venture with Dow Chemical sending the markets tumbling with the Dow plummeting 93 points to 8422 while Nasdaq plunged 28 points to 1502.
On the upside
Last week, Yamana Gold (NYSE: AUY) completed a $200 million revolving credit financing deal.
Northwest Pipe Company (Nasdaq: NWPX) will supply Cableados Industriales SA de CV with approximately 15,000 feet of steel pipe for a Baja California project.
On the downside
Jones Apparel Group (NYSE: JNY) lowered its revolving credit facilities.
Disappointing holiday retail sales weighed down shares of Liz Clairborne (NYSE: LIZ).
In the broad market, declining issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 12 points to 465.
