Fears Of Further Job Cuts Weigh Down Markets

Merger and acquistion activity fueled fears of further job cuts to weigh the markets down to a lower close with the Dow losing 39 points to 10,174. Nasdaq tumbled 20 points to 2159.

On the upside

Blackstone Group (NYSE: BX) announced that it will back a develoment plan to build upscale apartments in north eastern China.

Motley Fool cited strength in the semiconductor sector, a low stock price and positive earnings momentum for recommending Micron Technology (Nasdaq: MU).

Pfizer's (NYSE: PFE) vaccine for pneumonia in infants and children, Prevenar 13, was granted prequalification status by the World Health Oranization.

On the downside

Brean Murray downgraded Universal Travel Group (NYSE: UTA).

Cenveo (NYSE: CVO) withdrew its offer to acquire bankrupt rival National Envelope.

TheStreet.com suggested that institutional investors may sell some of their holdings in Ford (NYSE: F) in order to diversify by acquiring shares of General Motors when the automaker IPOs.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 602.