Consumer Confidence Climbs But Markets Fall
November consumer confidence climbed to a greater than expected 73.7 but the markets opened lower with the Dow falling 54 points to 12,913. Nasdaq lost 9 points to 2967 on strong Cyber Monday sales.
On the upside
ConAgra will pay a premium of approximately $5 billion to acquire Ralcorp Holdings (NYSE: RAH).
Acadia Pharmaceuticals (Nasdaq: ACAD) announced positive results from a Phase III clinical trial of its Parkinson's disease psychosis treatment pimavanserin.
Goldman Sachs initiated coverage of Crocs (Nasdaq: CROX) with a Buy rating.
On the downside
Neptune Technologies (Nasdaq: NEPT) resumed trading after an explosion on November 8 completely destroyed production at its Sherbrooke, Quebec facilities and halted trading on the stock.
Thor Industries (NYSE: THO) reported higher first quarter earnings but the results fell short of analyst expectations.
Shares of McMoRan Exploration (NYSE: MMR) continued falling after announcing yesterday that drilling tests were taking more time than expected.
In the broad market, declining issues were on par with advancers on the NYSE while advancers edged out decliners by a margin of 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 809.
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