The markets recovered some of its early morning losses but continued to trade lower with the Dow losing 31 points to 11,315 as China tightens its lending rules. Nasdaq edged up a point to 2564.
On the upside
The Food and Drug Administration approved Bionovo's (Nasdaq: BNVI) clinical development plan for its Menerba menopause treatment and possible breast cancer prevention drug.
Second quarter earnings for Ralph Lauren (NYSE: RL) climbed to beat analyst expectations prompting the designer apparel company to lift its full year outlook.
Shares of RDA Micorelectronics (Nasdaq: RDA) climbed on its first trading day.
On the downside
China Agritech (Nasdaq: CAGC) disappointed with sharply lower third quarter earnings that fell far short of analyst expectations.
American Banker named Assurant (NYSE: AIZ) in an article about abuses in the foreclosed properties insurance industry.
AgFeed Industries (NYSE: FEED) swung to a third quarter loss and reassigned chief financial officer Selina Jin.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE while advancers edged out decliners by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 727.
