Chinese Efforts To Slow Growth Weighs Down Markets

March 15, 2010 10:03 AM |
The markets traded lower during the midday with the Dow slipping 21 points to 10,602 over continuing efforts by the Chinese government to slow its economic growth. Nasdaq dropped 17 points to 2350.

 

On the upside

Phillips-Van Heusen (NYSE: PVH) will pay approximately $3 billion in cash and stock to acquire Tommy Hilfiger.

Medtronic (NYSE: MDT) reported upbeat results for its Cryoblation catheter.

RadNet (Nasdaq: RDNT) reversed year ago losse to post a fourth quarter profit as revenue rose.

On the downside

Gramercy Capital (NYSE: GKK) retained the services of EdgeRock Realty Advisors to explore strategic alternatives for its Gramercy Realty business.

Although Insmed (Nasdaq: INSM) swung to a profit for the fourth quarter, revenue slipped.

American Bioengineering (NYSE: AOB) reported higher fourth quarter earnings but the results fell short of expectations.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by a margin of more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 670.

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