Lower Open As Fiscal Cliff Talks Begin
November 16, 2012 at 02:33 AM EST
The markets opened lower with the Dow losing 26 points to 12,516 as fiscal cliff discussions begin today. Nasdaq fell 9 points to 2827.On the upsidePenn National (Nasdaq: PENN) announced plans to separate into two publicly traded companies.OfficeMax (NYSE: OMX) announced Black Friday deals beginning online on Thanksgiving morning and at stores on Black Friday.Swisher Hygiene (Nasdaq: SWSH) sold its Choice Environmental Services subsidiary to Waste Services of Florida for approximately $123.3 million in cash. On the downsideA Food and Drug Administration advisory panel said that Dynavax Technologies (Nasdaq: DVAX) has failed to demonstrate that its hepatitis B vaccine Heplisav was safe.Sina (Nasdaq: SINA) reversed year ago losses for the third quarter but the company forecast current quarter revenue well below expectations.Sears Holding (Nasdaq: SHLD) widened third quarter losses as revenue dropped.In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 764.