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Mixed Close As Investors Remain Cautious
Posted on February 02, 2012 at 17:12 PM EST
Initial jobless claims dropped more than expected last week but investors remained cautious as the European financial crisis weighed on corporate earnings. The markets closed mixed with the Dow slipping 9 points to 12,707 while Nasdaq rose 11 points to 2859. On the upside Patriot Coal (NYSE: PCX) fell to a fourth quarter loss as coal demand weekend. Investors welcomed news that the coal producer will idle its Big Mountain thermal coal complex. Shares of Amylin Pharmaceuticals (Nasdaq: AMLN) continued climbing after the Food and Drug Administration approved the company's once-a-week diabetes treatment Bydureon on Friday.
Six affiliates of Alpha Natural Resources (NYSE: ANR) in West Virginia won the Mountaineer Guardian safety award for 2011. On the downside Fitch Ratings withdrew its rating on China Medical Technologies (NYSE: CMED) after the company failed to make a payment on a scheduled coupon. Bank of America downgraded AK Steel (NYSE: AKS) to an Underperform rating citing increased pension expenses.
ShoreTel (Nasdaq: SHOR) will acquire M5 Networks in a cash and stock deal valued at approximately $146.3 million. In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 7 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 812.
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