Inside Trading Convictions Weigh Down Markets
The insider trading conviction of three Wall Street traders weighed the markets down during the midday with the Dow losing 20 points to 11,931. Nasdaq fell 9 points to 2634.
On the upside
Morgan Stanley analyst Ravi Shanker upgraded A123 Systems (Nasdaq: AONE) to an Overweight rating and set a price target of $9.
Graham Packaging (NYSE: GRM), which already agreed to be purchased by Silgan Holdings, received an unsolicited, higher acquisition offer of approximately $1.6 billion in cash.
Honeywell International (NYSE: HON) will pay approximately $491 million in cash to acquire EMS Technologies (Nasdaq: ELMG).
On the downside
Concerns that China's economy will slow its pace of growth weighed down shares of E-Commerce China Dangdan (NYSE: DANG), Renren (NYSE: RENN) and Youku.com (NYSE: YOKU).
Shares of Molycorp (NYSE: MCP) continued falling after announcing a public offering of 10 million common shares at $51 per share last week.
Quanex Building Products (NYSE: NX) disappointed by swinging to a loss for the second quarter and lowering its full year revenue guidance.
