Bailout Program Extended

December 9, 2009 6:45 AM |
As part of its ongoing efforts to stabilize the financial markets, the government will extend the $700 billion bailout program until October 3, 2010. The markets opened lower with the Dow falling 37 points to 10,249 while Nasdaq lost 14 points to 2158.

On the upside

J. P. Morgan upgraded RealNetworks (Nasdaq: RNWK) saying that the company should receive a favorable ruling in its arbitration with VeriSign (NYSE: VRSN).

Avanir Pharmaceuticals (Nasdaq: AVNR) reported upbeat results from a Phase III clinical trial of its amyotrophic lateral sclerosis treatment Zenvia.

Citigroup analyst Michael Rollins upgraded Sprint (NYSE: S) and lifted his price target on the company saying that sales should improve next year and that the company may seek a merger deal.

On the downside

Westport Innovations (Nasdaq: WPRT) priced its offering of 4.75 million common shares at $10.50 per share.

MedAssets (Nasdaq: MDAS) disappointed with a 2010 forecast that fell short of estimates prompting a downgrade.

Energy XXI (NYSE: EXXI) priced its offering of $171 million in common shares and $100 million in convertible preferred stock. 

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by a margin of more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 597.

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This page contains a single entry by published on December 9, 2009 6:45 AM.

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