Inflation Worries Weigh Down Markets
On the upside
Shares of JA Solar (Nasdaq: JASO) climbed after the solar cell maker raised its shipment outlook for the year.
Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) announced plans to repay a combined $45 billion in federal bailout money by issuing new stock and selling assets.
The board of Weyerhaeuser (NYSE: WY) approved the conversion of the forest products giant into a REIT in order to gain favorable tax treatment on income.
On the downside
Best Buy (NYSE: BBY), the nation's largest electronics retailer, posted higher 3rd quarter profits, but warned that margins may be squeezed during this holiday shopping season.
Shares of Elan Corporation (NYSE: ELN) fell while shares of Transition Therapeutics (Nasdaq: TTHI) tumbled after nine deaths were reported among patients taking higher doses of its Alzheimer's disease drug candidate.
Insurer Conseco (NYSE: CNO) announced plans to offer up to 45 million in new shares in order to pay down debt.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 606.
