Global Economic Worries Weigh Down Markets
August 13, 2012 at 10:29 AM EDT
Concerns about the global economy weighed the markets down to a lower close with the Dow losing 38 points to 13,169. Nasdaq added a point to 3022.On the upsideFive Star Equities issued a research report on MGIC Investment (NYSE: MTG) saying that a three-year low in mortgage rate delinquencies will boost mortgage insurers. Visteon (NYSE: VC) chief executive Don Stebbins resigned as of Friday, August 10, 2012 raising speculation that the company may be sold.JMP Securities affirmed its Outperform rating on Alexza Pharmaceuticals (Nasdaq: ALXA).On the downsideRetreating oil prices weighed down shares of Quicksilver Resources (NYSE: KWK) and SandRidge Energy (NYSE: SD). Nokia’s (NYSE: NOK) market share dropped for 15.4% last year to 6.6% in the second quarter.Standard & Poor’s downgraded Molycorp’s (NYSE: MCP) rating to a CCC+.In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 799.
