Earnings Concerns Weigh Down Markets
Concerns of disappointing earnings weighed the markets down to a lower close with the Dow dropping 55 points to 13,328. Nasdaq lost 7 points to 3091.
On the upside
Motley Fool expects Arena Pharmaceuticals (Nasdaq: ARNA) to successfully launch its obesity treatment Belviq domestically and in Europe in 2013.
The Wall Street Journal reported that China will more than double its solar capacity this year. Shares of Suntech Power (NYSE: STP), Trina Solar (NYSE: TSL), Yingli Green Energy (NYSE: YGE) and LDK Solar (NYSE: LDK) all climbed.
Greenbrier (NYSE: GBX) reported that it has received approximately $430 million in new orders since September 1, 2012.
On the downside
Profit taking sank shares of Molycorp (NYSE: MCP). MGIC Investment (NYSE: MTG) reported that December new insurance written was $2.2 million, the same as November.
Cincinnati Bell (NYSE: CBB) subsidiary CyrusOne commenced the initial public offering of 16.5 million common shares.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on both the NYSE and on Nasdaq. The broader S&P 500 index slipped 4 points to 1457.
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