November 13, 2012 at 17:24 PM EST
Fiscal Cliff Concerns Weigh Down Markets
Fiscal cliff concerns weighed the markets down to a lower close with the Dow losing 58 points to 12,756. Nasdaq dropped 20 points to 2883.
On the upside
Reuters reported that Advanced Micro Devices (NYSE: AMD) retained the services of JPMorgan Chase to explore strategic options but the chipmaker denied that it would sell the company.
ZaZa Energy (Nasdaq: ZAZA) reversed year ago losses to post a profit for the third quarter as revenue surged. On the downside
To prevent MBIA (NYSE: MBI) from jeopardizing policyholder claims, Bank of America (NYSE: BAC) offered to purchase outstanding senior notes from the mortgage insurer.
Street-Wire issued a report saying that continued global economic challenges have negatively impacted alcohol sales to weigh down shares of Central European Distribution (Nasdaq: CEDC).
Shares of Abraxa Petroleum (Nasdaq: AXAS) continued falling after reporting a loss for the third quarter last week.
In the broad market, declining issues outpaced decliners by a margin of more than 2 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 789.
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