Stocks retreated for a third consecutive day as profit-taking
amplified by the outlook for disappointing earnings and
overvaluation in tech and momentum stocks drove the S&P 500
below key support at 1,850 and the Nasdaq Composite under its
50-day moving average.
Although there wasn't a definitive catalyst for today's
sell-off, weakness in European markets, pressure on retail stocks,
and bargain-hunting in U.S. government bonds and utility sector all
exacerbated the already defensive tone after Friday's post-jobs
In corporate news, Ireland's Mallinckrodt (
) made a $5.6 billion offer for Questcor Pharmaceuticals (
), Mannkind (
) shares stumbled on news that the FDA was extending the review
date for its insulin inhaler by another three months, and
cloud-marketing software developer Vocus (
) agreed to be acquired by private-equity firm GTCR for $18 per
share, a 48% premium over its current price.
Here's where the markets stand at the close:
Dow Jones Industrial Index was down 166 points (-1%) at
S&P 500 was down 20 points (-1.1%) at 1,845
Nasdaq Composite Index was down 47 points (-1.2%) at 4,079
FTSE 100 was down 1.09%
Nikkei 225 was down 1.69%
Hang Seng Index was down 0.59%
Shanghai China Composite Index was up 0.74%
(+) PXLW David Tupman, ex-Apple (
) executive who led development efforts for iPhone and iPod, has
been named to the company's board of directors.
(+) VOCS Agrees to be bought by private-equity firm GTCR for $18
(+) QCOR Mallinckrodt (
) makes $5.6 billion for Questcor Pharmaceuticals.
(+) AGIO (+27.54%) A study on the company's AG-221 drug
candidate to treat blood cancer showed "promising" clinical
(-) WWE Despite upbeat subscriber outlook, stock falls on
(-) HYGS, HYG.TO Lowered Q1 revenue forecasts to $7 mln - $7.5
mln from $11.7 mln analyst consensus
(-) MNKD FDA delays approval of insulin inhaler for three
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