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Mid-Afternoon Update: Herbalife Takes a Bigger Beating, Markets Still Red
12/21/2012 3:54:00 PM
Toward the end of trading Friday, the Dow traded down 0.90 percent to 13,191.24 while the NASDAQ fell 1.02 percent to 3,019.21. The S&P also fell, decreasing 0.85 percent to 1,431.42.
Equities Trading UP
Shares of Pinnacle Entertainment (NYSE: PNK ) were also up, gaining 21.69 percent to $16.25 after the company issued an $869 million bid to buy Ameristar Casinos.
Halozyme Therapeutics (NASDAQ: HALO ) traded up as well, rising 25.45 percent to $6.93 following its deal the Pfizer.
Equities Trading DOWN
Herbalife (NYSE: HLF ) took a 20.96 percent hit, falling to $26.64 on massive volume as Bill Ackman's Pershing Square continued its assault on the company, underlining its large short position.
Shares of Micron Technology (NASDAQ: MU ) fell 6.77 percent to $6.33 after posting a larger than expected loss on Thursday.
Silver traded up 0.37 percent Friday to $30.05.
In economic releases, the UK released a few economic points including service sector growth and GDP growth, both were lower than expected, while the November budget deficit was reported higher than the prior year.
Personal spending came in at 0.4 percent, equal to estimates and above the previous release of -0.2 percent, while personal income came in at 0.6 percent, double the anticipated 0.3 percent and above the flat prior release of 0.00 percent.
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