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September 01, 2020 10:18am
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Lower Close As ECB Stops Funding Undercapitalized Greek Banks

The markets closed lower with the Dow losing 33 points to 12,598 after the European Central Bank confirmed that it will no longer fund undercapitalized Greek banks. Nasdaq fell 19 points to 2874.

On the upside

Relieved investors snapped up shares of Herbalife (NYSE: HLF) after Greenlight Capital’s David Einhorn made no mention of shorting the stock at the Ira Sohn conference.

Bargain hunters lifted shares of Nu Skin Enterprises (NYSE: NUS) whose stock price tumbled after a weekend Barrons article noted that 90% of Nu Skin distributors in the United States are not profitable.


Shares of Renren (NYSE: RENN) continued rising after reporting better than expected first quarter results after market close on Monday. 

On the downside

MEMC Electronic Materials (NYSE: WFR) chief financial officer Mark Murphy resigned today and will be replaced by Brian Wuebbels immediately.

Greenlight Capital’s David Einhorn said that Martin Marietta Material (NYSE: MLM) was overvalued.


Shares of Millennial Media (NYSE: MM) continued falling after reporting first quarter revenue that fell short of estimates and forecasting second quarter and full year revenue below expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 772.

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