Markets Open Lower As Palm Price Target Cut To $0

March 19, 2010 6:50 AM |
The markets opened lower with the Dow losing 29 points to 10,749 after an analyst cut Palm price target to $0. Nasdaq fell 13 points to 2377.

 

On the upside

Lloyds Banking Group (NYSE: LYG) said that it expects 2010 to be profitable due to lower than expected impairment charges for bad debt .

Billionaire investor Carl Icahn launched a hostile takeover for Lions Gate Entertainment (NYSE: LGF).

Boeing (NYSE: BA) expects demand to increase in 2012 and is ramping up production of 777 and 747 models.

On the downside

The Food and Drug Administration issued a complete response letter to A. P. Pharma (Nasdaq: APPA) denying approval for the company's chemotherapy induced nausea treatment APF530.

Canaccord Adams analyst Peter Misek cited solvency concerns for slashing his price target on Palm (Nasdaq: PALM).

SunPower (Nasdaq: SPWRA) restated earnings for the past two years and reported a sharp drop in fourth quarter earnings.

In the broad market, declining issues outpaced advancers by a margin of 9 to 7 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 678.

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This page contains a single entry by published on March 19, 2010 6:50 AM.

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