January 07, 2013 at 12:30 PM EST
Markets Fall Ahead Of Earnings Tomorrow
The markets extended its losses during the midday with the Dow dropping 79 points to 13,355 as investors braced for earnings reports beginning tomorrow after market close. Nasdaq fell 10 points to 3090.
On the upside
CombiMatrix (Nasdaq: CBMX) reported an impressive 172% fourth quarter growth and 171% full year growth in prenatal testing volumes.
Oracle Investment Research analyst Lawrence Balter expects rare earth metals firms to recover in 2013 and set a $50 price target on Molycorp (NYSE: MCP).
On the downside
Profit taking sank shares of SunPower (Nasdaq: SPWR) whose stock price soared last week on the sale of two solar power projects to MidAmerican Energy. Seeking Alpha suggested shorting Suntech Power Holdings (NYSE: STP).
LDK Solar (NYSE: LDK) regained compliance with listing requirements for the New York Stock Exchange but the stock price slipped.
In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 index lost 8 points to 1457.
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