Archive for September 1st, 2009

Wall Street falls 2 percent on anxiety over banks’ health (Reuters)

U.S. stocks fell for a third straight day on Tuesday, spooked by uncertainty over the health of financials and concerns that the explosive rally since March may have run ahead of economic reality.

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Movers roundup: Rambus, Cincinnati Bell (AP)

Shares of memory chip designer Rambus Inc. plunged after a California judge delayed a lawsuit brought by the company against rival chip makers.

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Business Highlights (AP)

The U.S. manufacturing sector grew in August for the first time in 19 months, adding to evidence that the recession is ending.

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Bank of America, MetLife, EBay are big movers (AP)

The following stocks were among those that moved substantially or traded heavily Tuesday on the New York Stock Exchange:

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Sector Snap: Airline shares down (AP)

Despite a drop in oil prices, airline shares fell Tuesday as the broader stock market plunged. Benchmark crude for October delivery fell $1.91 to settle at $68.05 a barrel on the New York Mercantile Exchange.

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Cincinnati Bell shares drop after downgrade (AP)

Shares of Cincinnati Bell Inc. lost ground Tuesday after a Raymond James analyst downgraded the stock, citing the company’s rising stock price and a recent promotional deal on Internet and phone service.

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CIT defers interest payment, shares fall (Reuters)

Troubled U.S. lender CIT Group on Tuesday said it deferred an interest payment on some notes, sending its shares down as much as 17 percent.

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Sector Snap: Casino cos. with Macau properties (AP)

Macau gaming revenue climbed about 17 percent in August, an indication that swine flu fears may be waning and visa restrictions easing, an analyst said Tuesday.

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Novavax flu vaccine met study goal, shares jump (AP)

Novavax Inc. said Tuesday its 3-in-1 flu vaccine met its goal in a midstage clinical study, creating strong immune system responses to swine flu and two other strains of the sickness.

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Acadia shares fall on failed Parkinson’s study (AP)

Shares of Acadia Pharmaceuticals Inc. plunged Tuesday after the company said its drug candidate pimavanserin failed to meet key treatment goals in a late-stage study focusing on patients with Parkinson’s disease psychosis.

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