Flat Open As Fiscal Cliff Impasse Continues
The markets opened flat with the Dow edging up 3 points to 12,941 on the last trading day of 2012 as the fiscal cliff impasse continued. Nasdaq gained 21 points to 2981.
On the upside
Qihoo Technology (NYSE: QIHU) was selected as TheStreet's featured technology winner on Friday.
Suntech Power (NYSE: STP) continued rising over investor approval of China's policy change to support consolidation of the solar industry.
On the downside
Watson Pharmaceuticals (NYSE: WPI) applied for approval of a generic version of the multiple myeloma treatment Velcade but Velcade manufacturer Millennium Pharmaceuticals filed a patent infringement suit against Watson. Monness Crespi Hardt analyst Chris Shaw cited an uncertain business outlook for downgrading Ferro (NYSE: FOE) from a Buy to a Neutral rating.
Seeking Alpha expects Annaly Capital Management (NYSE: NLY) to underperform in 2013.
In the broad market, advancing issues outpaced decliners 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 added 4 points to 1406.
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