Fiscal Cliff Almost Certain, Markets Tumble
December 27, 2012 at 01:44 AM EST
The markets opened sharply lower with the Dow tumbling 92 points to 13,021 as the nation moved closer to going over the fiscal cliff. Nasdaq dropped 20 points to 2969. On the upsideDiodes (Nasdaq: DIOD) will pay a premium of approximately $151 million to acquire BCD Semiconductor (Nasdaq: BCDS).Indications that Ugg boots remain popular lifted shares of Deckers Outdoor (Nasdaq: DECK).Herbalife (NYSE: HLF) extended its gains after announcing that it hired strategic advisor Moelis & Co. and law firm Boies, Schiller & Flexer to fight pyramid scheme allegations.On the downsideMarvell Technology (Nasdaq: MRVL) continued falling following a jury verdict against the chip maker. Investors locked in profits on Suntech Power (NYSE: STP) whose stock price rose yesterday on China’s urbanization plans.The Wall Street Journal included troubled department store operator J. C. Penney (NYSE: JCP) on its 2013 do-or-die list.In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on the NYSE and by more than 9 to 7 on Nasdaq. The broader S&P 500 index lost 9 points to 1410.
