Markets Tumble As Personal Incomes Rise Less Than Expected
Personal incomes inched up by a smaller than expected 0.2% last month to send the markets tumbling to a lower close with the Dow plunging 140 points to 10,009. Nasdaq plummeted 33 points to 2119.
On the upside
Ceragon Networks (Nasdaq: CRNT) announced that a leading Indian operator ordered its advanced FibeAir(R) platform.
The European Commmission's Seventh Framework Program selected Pluristem Therapeutics' (Nasdaq: PSTI) PLX cell therapy, which uses stem cells from human placenta rather than controversial embryonic stem cells, to discover a treatment for diastolic heart failure.
Genzyme (Nasdaq: GENZ) rejected Sanofi-Aventis' $18.5 billion acquisition offer as too low.
On the downside
Fortress Investment Group (NYSE: FIG) chief executive Daniel Mudd, chief financial officer Daniel Bass, general counsel David Brooks and chief accounting officer Jonathan Brown all sold company stock last week.
Ku6 Media (Nasdaq: KUTV) disappointed by widening second quarter losses.
Standard & Poor's analyst Clyde Montevirgen downgraded Nvidia (Nasdaq: NVDA) saying that demand for consumer PCs has continued to weaken.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 15 points to 601.
