Mubarak's Resignation Sparks Demonstrations, Markets Close Flat
Investors stayed on the sidelines as civil demonstrations in numerous Middle Eastern countries arose in the aftermath of Egyptian President Hosni Mubarak's resignation. The markets closed flat with the Dow easing 5 points to 12,268 while Nasdaq rose 7 points to 2817.
On the upside
K-V Pharmaceutical (NYSE: KVA) will raise approximately $32 million through a private placement of common stock.
VeriFone Systems (NYSE: PAY) introduced its next generation PAYware Mobile Service bringing international payment standards to smart phones.
Simmons & Co. upgraded Western Refining (NYSE: WNR) due to falling WTI crude oil prices.
On the downside
A Wall Street Journal article saying that Apple (Nasdaq: AAPL) will release an iPhone that is half the price of the iPhone 4 weighed down shares of Motorola Mobility (NYSE: MMI).
China Precision Steel (Nasdaq: CPSL) will hold a conference call tomorrow morning to discuss second quarter results.Shares of MannKind (Nasdaq: MNKD) continued falling after announcing a fourth quarter loss and the elimination of 179 jobs last week.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 5 on the NYSE and by more than 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 825.
