Drop In Manufacturing Activity Weighs Down Markets

October 1, 2009 10:14 AM |
A disappointing drop in manufacturing activity last month weighed down the markets during the midday with the Dow plummeting 144 points to 9567. Nasdaq slumped 50 points to 2071.

On the upside 

Chelsea Therapeutics (Nasdaq: CHTP) reported that its neurological disorder treatment Droxidopa demonstrated significant improvement in patients.

Shares of Talecris Biotherapeutics (Nasdaq: TLCR) climbed on its first day of trading.

Colonial Properties Trust (NYSE: CLP) priced its public offering of approximately 10.5 million common shares at $9.50 per share.

On the downside

United Airlines parent UAL (Nasdaq: UAUA) will offer 19 million common shares and $175 million in senior convertible notes.

Credit Suisse analyst John P. McNulty downgraded Rockwood Holdings (NYSE: ROC) after a competitor cut prices.

Shares of Hovnanian (NYSE: HOV) tumbled despite a surge in August pending home sales.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 14 points to 590.

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This page contains a single entry by published on October 1, 2009 10:14 AM.

Stocks Open Lower on Rising Unemployment Claims was the previous entry in this blog.

Markets Plunge As Jobless Claims Rise And Manufacturing Activity Drops is the next entry in this blog.

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