Global Unemployment Concerns Weigh Down Markets
Posted on January 22, 2013 at 09:46 AM EST
Concerns that the global unemployment rate may reach a record high weighed the markets down to a lower open with the Dow slipping 12 points to 13,636. Nasdaq lost 10 points to 3123.
On the upside
Ontario Teachers' Pension Plan will pay a premium of approximately $467 million to acquire SeaCube Container Leasing (NYSE: BOX).
Om Group (NYSE: OMG) will sell the downstream part of its advanced materials business in a deal that could reach $435 million.
On the downside
Concerns that European regulators may not approve the obesity treatment Belviq weighed down shares of Arena Pharmaceuticals (Nasdaq: ARNA). An Impax Laboratories (Nasdaq: IPXL) plant that develops its Parkinson's disease treatment Rytary must be re-inspected by the Food and Drug Administration.
Brinker International (NYSE: EAT) reported higher second quarter earnings but revenue fell short of expectations on disappointing same store sales growth.
In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE and by nearly 9 to 7 on Nasdaq. The broader S&P 500 index added a point to 1482.
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