Rising Oil Prices Weigh Down Markets
Crude oil prices surged to a new high for the year sending the markets lower during the midday with the Dow losing 37 points to 8725. Nasdaq fell 16 points to 1843.
In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 522.
On the upside
Jazz Pharmaceuticals (Nasdaq: JAZZ) will present data from a Phase III clinical trial of its fibromyalgia treatment sodium oxybate.
Atlantic Tele-Network (Nasdaq: ATNI) will pay $200 million to acquire wireless assets from Verizon Wireless.
99 Cents Only Stores (NYSE: NDN) reported higher fourth quarter earnings and revenue that beat expectations.
On the downside
SatCon Technology (Nasdaq: SATC) will raise $20.2 million through the sale of 15.6 million common shares priced at $1.30 per share.
Fitch Ratings downgraded Colonial BancGroup's (NYSE: CNB) rating further into junk status after the bank agreed to comply with regulator's cease-and-desist order.
LaSalle Hotel Properties (NYSE: LHO) announced plans to offer 10 million common shares at $14.75 per share to raise capital to repay part of an unsecured credit agreement.
In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 522.
