Holiday Spending Drops, Markets Fall
On the upside
Shares of Somaxon Pharmaceuticals (Nasdaq: SOMX) surged ahead of the Food and Drug Administration's approval decision on Friday for the company's insomnia treatment Silenor.
Rumors that Euro Tech Holdings (Nasdaq: CLWT) may commence an initial public offering for its Chinese water unit lifted shares of the company.
Shares of Origin Agritech (NYSE: SEED) continued surging after the Chinese government approved the company's genetically modified corn seeds last week.
On the downside
Upscale retailer Saks (Nasdaq: SKS) stock tumbled after the National Retail Federation reported that while more people shopped over the Thanksgiving weekend, consumer spent less this year.
Resource Capital (NYSE: RSO) will raise $50 million through an offering of common stock.
Disappointing holiday retail sales figures weighed down shares of Talbots (NYSE: TLB).
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 6 points to 570.
