China's Oil Consumption Drops, Markets Tumble

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A drop in China's oil consumption sparked fears of a global economic slowdown sending the markets down to a sharply lower close with the Dow plummeting 130 points 12,381. Nasdaq sank 44 points to 2758.

On the upside

Cell Therapeutics (Nasdaq: CTICD) announced on Friday that it will meet with the Food and Drug Administration in June to discuss resubmiting the company's New Drug Application for its refractory aggressive non-Hodgkins lymphoma treatment pixantrone.

Equity Markets issued a research report on Opnext (Nasdaq: OPXT) and its role in the expanding communications market.

Spectrum Pharmaceuticals (Nasdaq: SPPI) will present abstracts of its cancer treatment Belinostat and non-Hodgkins lymphoma treatment Zevalin at the 2011 Annual Meeting of the Annual Society of Clinical Oncology in Chicago, Illinois next month.

On the downside

Investors locked in profits on Camelot Information Systems (NYSE: CIS), which reported better than expected earnings on Friday. 

Compass Point initiated coverage of PMI Group (NYSE: PMI) with a Neutral rating.

The Oxen Group listed Youku.com (NYSE: YOKU) as its top Chinese Internet stock to sell saying that the company generates no revenue.

In the broad market, declining issues outpaced advancers by margin of more than 7 to 2 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 15 points to 814.

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This page contains a single entry by published on May 23, 2011 1:33 PM.

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