Mixed Close As Consumer Spending Rises Less Than Expected
The markets closed mixed with the Dow rising 14 points to 11,573 as consumer spending rose in November by a smaller than expected amount. Nasdaq lost 5 points to 2665.
On the upside
Willbros Group (NYSE: WG) won a contract to rebuild Bangor Hydro Electric Company's 115 kV Line 64 transmission line.
Subaye (Nasdaq: SBAY) swung to a loss for the full year but revenue surged .
The Food and Drug Administration did not approve Teva Pharmaceutical Industries' (Nasdaq: TEVA) stronger version of its multiple sclerosis treatment Copaxone but the generic drug company vowed to work with the FDA to clarify all questions and concerns of the regulatory agency.
On the downside
United Airlines (NYSE: UAL) will switch from its legacy Travelport reservation system a Hewlett-Packard (NYSE: HPQ) platform.
Bank of America (NYSE: BAC) failed to block efforts by insurer MBIA to use statistical sampling in a mortgage fraud lawsuit.
Seeking Alpha contributor Ed Silverman said that even if Arena Pharmaceuticals' (Nasdaq: ARNA) obesity treatment Iorcaserin is approved, it will be one of the last diet drugs to reach pharmacy shelves.
In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 788.
