Markets Tumble Over Potential Insider Trading Charges
The threat of insider trading charges against the nation's largest financial institutions sent the market tumbling during the midday with the Dow plunging 125 points to 11,078. Nasdaq lost 12 points to 2505.
On the upside
Apricus Biosciences (Nasdaq: APRI) and the Food and Drug Administration agreed on the design of a clinical trial for the advanced, inoperable liver cancer treatment PrevOnco.
Regeneron Pharmaceuticals (Nasdaq: REGN) reported upbeat results for its injectable macular degeneration treatment VEGF Trap-Eye solution.
WB Securities initiated coverage of Affymax (Nasdaq: AFFY) with a Buy rating.
On the downside
General Electric (NYSE: GE) sold four GE gas turbines to Nigeria for its Omotosho Phase 2 Power Plant but the stock price fell.
Barclays Capital analyst Tom McGuire said that banks may have a shortfall of $150 billion sending shares of Bank of America (NYSE: BAC), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) tumbling .
Nokia (NYSE: NOK) acknowledged on Friday that its flagship N8 smartphone has experienced power issues.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 718.
