Markets Extend Losses On Disappointing Factory Orders

The markets extended its losses during the midday with the Dow plummeting 116 points to 13,893 on disappointing December factory orders. Nasdaq tumbled 35 points to 3143.

On the upside

Shares of Sonus Networks (Nasdaq: SONS) rose after rival Acme Packet (Nasdaq: APKT) received a $1.7 billion acquisition offer from Oracle (Nasdaq: ORCL).

Germany will allow insurance reimbursements for liver cancer patients treated with Delcath Systems' (Nasdaq: DCTH) Delcath Hepatic CHEMOSTAT Delivery System for melphalan hydrochloride.

A lawsuit against Cyberonics (Nasdaq: CYBX) that was filed by former employee Andrew Hagerty was dismissed.

On the downside

Maxim downgraded Youku Tudou (NYSE: YOKU) to a Sell rating.

Shares of Banco Santander (NYSE: SAN) fell after London & Capital chief investment officer Ashok Shah said that Spanish banks must raise additional capital due to mounting non-performing loans.

Shares of Cytokinetics (NYSE: CYTK) fell ahead of its earnings release tomorrow after market close.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by 3 to 1 on Nasdaq. The broader S&P 500 index dropped 13 points to 1499.

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