Persistent Concerns About European Debt Weighs Down Markets
Despite a greater than expected gain in consumer confidence, the markets traded lower during the midday with the Dow dropping 33 points to 11,019 over persistent concerns about European debt. Nasdaq tumbled 24 points to 2501.
On the upside
Scientific Games (Nasdaq: SGMS) announced that its chairman and former chief executive Lorne Weil will return to the position of chief executive.
Goldman Sachs initiated coverage of Diana Shipping (NYSE: DSX) with a Buy rating.
Yamana Gold (Nasdaq: AUY) affirmed that its Mercedes project will begin production in 2012 while production at its Pilar mine will commence in 2013.
On the downside
iGate (Nasdaq: IGTE) must raise $700 million in order to finance its joint bid with Apax Partners to acquire Patni Computers (NYSE: PTI).
Advanced Battery Technologies (Nasdaq: ABAT) announced a registered direct offering of 7.5 million common shares to raise approximately $30 million.
Third quarter earnings for Trina Solar (NYSE: TSL) more than doubled as revenue surged but the stock price dropped over investor concerns that an increased supply of solar modules will depress prices.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 725.
