For the seventh successive day, the US market closed the day's trading on a negative note, its longest losing streak since 2008. Despite the passage of the much awaited debt-ceiling bill in the Senate, investors remained pessimistic following more signs of weaknesses in the country's economy and poor earnings by several big companies.
The Dow Jones industrial average slumped 2.19 percent or 265.87 points to close at 11,866.62. The Nasdaq Stock Market Inc. composite index was down 2.75 percent or 75.37 points to finish at 2,699.24. The Standard & Poor's 500 index fell 2.56 percent or 32.89 points to end the day at 1,254.05, to record its lowest point of the year. Among other major indices, the New York Stock Exchange composite index lost 2.60 percent or 208.95 points to close at 7,831.98. The American Stock Exchange composite index slipped 1 percent or 23.99 points to finish the day at 2,367.76.
Hot Stocks of the Day: INPH, AKRX, GOOG, RPXC, MD
Interphase Corp. (Nasdaq: INPH) adopts a new Shareholders Right Agreement, under which the shareholders as of on August 9, 2011 will receive a distribution of rights to purchase additional shares of the company's common stock. Shares gained 21.80 percent or $1.04 to close at $5.81.
Akorn, Inc. (Nasdaq: AKRX) agreed to buy a minority stake in eye drug maker Aciex Therapeutics. Shares of Akorn added 6.22 percent or 45 cents to end at $7.68.
Google+, the new social networking service of Google Inc. (Nasdaq: GOOG) drew about 25 million visitors in less than a month, outpacing rivals Facebook Inc. and MySpace in their introductory days. Shares of Google fell 2.37 percent or $14.37 to close at $592.40.
RPX Corp. (Nasdaq: RPXC) reported 78 percent increase in its fiscal 2011 second quarter total revenue to $38.9 million. During the quarter, the leading provider of patent risk solutions registered GAAP net income of $7.7 million or 16 cents per diluted share on a pro forma basis. Shares were down 2.52 percent or 66 cents to close at $25.48.
Mednax Inc. (NYSE: MD) announced 13 percent growth in its fiscal 2011 Q2 net income to $55.9 million, or $1.15 per share, from $49.4 million or $1.04 per share a year earlier. During the period, the company's total revenue rose nearly 13 percent to $393.4 million from $349.1 million.