Global Economic Growth Cut, Markets Close Lower
October 08, 2012 at 12:37 PM EDT
The International Monetary Fund cut its global economic growth forecast sending the markets down to a lower close the Dow slipping 26 points to 13,583. Nasdaq dropped 23 points to 3112.On the upsideEli Lilly (NYSE: LLY) released additional data from two late stage studies on potential treatments for mild Alzheimer’s disease. Trading resumed in National Bank of Greece (NYSE: NBG). Trading was temporarily suspended on Friday after the bank offered to merge with rival Eurobank.Barnes & Noble (NYSE: BKS) introduced its new NOOK HD and NOOK HD+ which are available for pre-orders.On the downsideHeartland Payment Systems (Nasdaq: HPY) forecast higher operating margin and full year earnings ahead of estimates but the stock price dropped. MGIC Investment (NYSE: MTG) wrote $2.2 billion in new insurance and reported lower delinquencies but the stock price slipped.An Administrative Law Judge issued orders in Unwired Planet’s (Nasdaq: UPIP) patent infringement suit that weakened its case.In the broad market, declining issues outpaced advancers by a margin of 3 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 838.
