Discouraging reports on the country's trade deficit and rise in new unemployment claims pushed the US market into a negative corner. Dow Jones Industrial Average was down 1.50 percent or 182.68 points to 12,030.13, and NASDAQ Composite slipped 1.52 percent or 41.89 points to 2,709.35. The Standard and Poor's 500 fell 1.41 percent or 18.55 points to 1,301.67.
Hot Stocks: CMLS, MYL, GM, PULS, BELFB, COV, SVA, ACAD, NSM, SWHC, AZK
Cumulus Media Inc (NASDAQ: CMLS) intends to buy all outstanding stocks and warrants of Citadel Broadcasting for nearly $2.4 billion or $37 a share. CMLS slipped 4.31 percent or $0.22 to $4.88 in the morning.
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Mylan Inc (NASDAQ: MYL) has received the approval from the US Food and Drug Administration for its Zidovudine tablets. MYL lost 1.77 percent or $0.40 to $22.22 in the initial hours.
Vice Chairman and CFO of General Motors Company (NYSE: GM) Chris Liddell plans to leave the company by April 1, 2011. GM fell 2.95 percent or $0.98 to $31.23 in the first hour.
Pulse Electronics Corporation (NYSE: PULS) has rejected an acquisition offer by Bel Fuse Inc (NASDAQ: BELFB). PULS lost 2.45 percent or $0.15 to $5.98, and BELFB slipped 1.94 percent or $0.42 to $21.20.
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The US Food and Drug Administration approved the medical isotope based on low-enriched vitamin of Covidien PLC (NYSE: COV). COV was down 1.29 percent or $0.69 to $52.78.
Sinovac Biotech Ltd (NASDAQ: SVA) has presented positive preliminary results for its Phase 1 clinical trials of EV71 vaccine. SVA lost 1.77 percent or $0.08 to $4.44.
Acadia Pharmaceuticals Inc (NASDAQ: ACAD), National Semiconductor Corporation (NYSE: NSM), and Smith & Wesson Holding Corporation (NASDAQ: SWHC) are scheduled to report their annual and quarterly results today after the market closes. ACAD fell 3.85 percent or $0.07 to $1.75, and SWHC slipped 1.76 percent or $0.07 to $3.90. NSM lost 1.24 percent or $0.18 to $14.29.
Aurizon Mines Limited (AMEX: AZK) has reported an increase of 44 percent in its mineral resources for the Casa Berardi mine. AZK lost 2.75 percent or $0.20 to $7.06.