Lower Close As Holiday Sales Disappoint
December 26, 2012 at 08:48 AM EST
Disappointing holiday sales weighed the markets down to a lower close the Dow losing 24 points to 13,114. Nasdaq fell 22 points to 2990. On the upsideA stronger than expected increase in October home prices lifted shares of mortgage insurer MGIC Investment (NYSE: MTG).Expectations that China’s urbanization plan will spur energy demand lifted shares of Suntech Power Holdings (NYSE: STP) and Yingli Green Energy (NYSE: YGE).Seeking Alpha expects Aveo’s (Nasdaq: AVEO) renal cancer treatment Tivozanib to be approved next year.On the downsideA jury ordered Marvell Technology (Nasdaq: MRVL) to pay $1.17 billion for infringing on two Carnegie Mellon University patents. Zacks added Aeropostale (NYSE: ARO) to its Strong Sell list.Disappointing retail sales prompted Ann (NYSE: ANN) to offer 50% off discounts at its Loft stores.In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 index slipped 6 points to 1419.
