November 15, 2012 at 12:53 PM EST
Eurozone Falls Into Recession, Markets Drop
The Eurozone fell back into a recession in the third quarter to weigh the markets down during the midday with the Dow losing 51 points to 12,519. Nasdaq slipped 14 points to 2831.
On the upside
Shares of China Auto Logistics (NYSE: CALI) continued climbing after reporting sharply higher third quarter revenue yesterday.
AcelRx Pharmaceuticals (Nasdaq: ACRX) reported positive results from a Phase 3 trial of its investigational sublingual Sufentanil NanoTab PCA System. On the downside
Tranzyme (Nasdaq: TZYM) reported that its stomach paralysis treatment TZP-102 failed a midstage clinical trial.
Safe Bulkers (NYSE: SB) reported higher third quarter earnings and revenue but the drybulk transportations services provider cut its quarterly dividend.
Representative Mike Rogers said that OSI Systems (Nasdaq: OSIS) may have falsified test data for its passenger scanning machines.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 765.
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