On the upside
Micromet (Nasdaq: MITI) reported upbeat early stage results for its experimental antibody drug blinatumomab when used in patients with incurable non-Hodgkin's lymphoma.
Shares of Elan (NYSE: ELN) surged as bargain hunters snapped up the biotech. The stock price plunged in recent weeks after reporting mixed results for its Alzheimer's treatment and the development of a rare and possibly fatal brain condition in two patients using the company's multiple sclerosis treatment Tysabri.
MGIC Investment (NYSE: MTG) sold its 24.25% share of Sherman Financial Group of $209.5 million.
On the downside
Cadence Design Systems (Nasdaq: CDNS) withdrew its unsolicited $1.6 billion offer to acquire rival Mentor Graphics (Nasdaq: MENT).
Shares of Apple (Nasdaq: AAPL) fell as a series of service problems and technical difficulties plague the company's 3G iPhone.
Investors locked in profits by selling shares of Penn Virginia (NYSE: PVA). The stock price rose after an analyst upgrade on Tuesday.
In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE while declining issues edged out advancers by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 753.
