Equities Update: A Middling Day for the Markets

by: Midnight Trader

4:16 PM, Dec 30, 2009 --

  • NYSE down 11 (0.2%) to 7,241.24.
  • DJIA up 3 (0.03%) to 10,549.
  • S&P 500 up 0.23 (0.02%) to 1,126.
  • Nasdaq up 2.9 (0.1%) to 2,291.


  • Hang Seng down 0.01%
  • Nikkei down 0.86%
  • FTSE down 0.67%


(+) LLL, OSIS gain as Netherlands reportedly to use full-body scanners.

(+) CYCC gets positive peer-reviewed journal response for Seliciclib.

(+) NVDA gets upgrade.

(+) OSK gets Army contract.


(-) TRMA sees Q4 impairment charge.

(-) VRX turns down, says FDA accepts NDA of Retigabine for review.

(-) PFE discontinues lung cancer treatment study.

(-) TSRA says ITC issues notice on patents.

(-) CBAK says Google (NASDAQ:GOOG) order speculation is unfounded.

(-) JNJ gets FDA complete response letter for Ceftobiprole.


Stocks end barely in positive territory, but can now claim a winning session in seven of the last eight days. Wednesday's mostly sluggish trading indicated investor reluctance to extend the major averages much past the fresh year-plus highs hit earlier in the week. The major averages are up some 60% from the 12-year lows hit in March. Trading conditions remain thin between the Christmas and New Year's holidays.

Stock averages ended Tuesday just in negative territory, but it was enough to
snap a seven-session win streak. On Tuesday, reports showed the highest reading for consumer confidence since December 2007 and the slowest year-on-year house price drop in two years.

Wednesday's data also supported an improving economic picture, though stocks got little traction from the information.

The Institute for Supply Management-Chicago said its business barometer rose to 60.0 from 56.1 in November, marking its highest reading since January 2006. That was much better than analysts' median forecast of 55.0, and was marked by an eye-popping jump in the report's gauge of employment, which has been the top worry as the economy slowly recovers from the worst recession in decades.

In company news, Cyclacel Pharmaceuticals (NASDAQ:CYCC) gained after the company announced the publication of an article that reviews and discusses the company's seliciclib (CYC202 or R-roscovitine) product candidate, an orally available inhibitor of multiple cyclin-dependent kinases (CDKs) and its mechanism of action. The peer-reviewed article, "Cyclin-Dependent Kinase Inhibitors as Anticancer Drugs" was published in the online edition of Current Drug Targets.

Origin Agritech (NASDAQ:SEED) gained after the company said it completed its Second Notes Repurchase Agreement as of December 30 with Citadel Equity Fund Ltd. of the remaining portion of the outstanding 1% Guaranteed Senior Secured Convertible Notes due 2012 by full repayment in cash of the agreed upon purchase price due to Citadel.

On the downside, China BAK Battery (NASDAQ:CBAK) shares were down sharply after the company's CFO said the company hasn't won any orders from Google (GOOG), according to a Bloomberg report. Speculation of an order spiked the stock 63% on Tuesday.

Crude neared $80, ending at the highest level in seven weeks after government data showed a decline in the past week's U.S. crude inventories. Crude for February delivery ended up 41 cents, or 0.5%, at $79.28 a barrel.