Markets Lower As Spanish Bank Stress Test Results Revealed
September 28, 2012 at 06:07 AM EDT
The markets recovered earlier losses but continued trading lower with the Dow falling 48 points to 13,437 as stress tests of Spanish banks revealed a shortfall of $76.3 billion. Nasdaq slipped 11 points to 3125.On the upsideCytori Therapeutics (Nasdaq: CYTX) won a contract from the Department of Health and Human Service’s Biomedical Advanced Research and Development Authority worth up to $106 million to develop a treatment for thermal burns combined with radiation injury. Medtronic will pay approximately $816 million to acquire orthopedic devices maker China Kanghui Holdings (NYSE: KH).Facebook (Nasdaq: FB) introduced its Gifts service to a segment of its users allowing users to send real gifts to their friends.On the downsideShares of Catalyst Pharmaceutical Partners (Nasdaq: CPRX) continued falling after announcing on Wednesday that midstage clinical trial data from a cocaine addiction study would be delayed.Iridium Communications (Nasdaq: IRDM) priced a private offering of convertible preferred stock at $100 per share.Bank of America (NYSE: BAC) agreed to settle a shareholder lawsuit over the bank’s acquisition of Merrill Lynch by paying $2.43 billion.In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 839.