The markets traded lower during the midday with the Dow falling 31 points to 12,119 as economic recovery concerns continued to weigh on investors. Nasdaq dropped 18 points to 2714.
On the upside
Oxigene (Nasdaq: OXGN) reported positive results from a Phase 2 clinical trial of its lung cancer treatment Zybrestat and has regained compliance for listing on Nasdaq.
Majesco Entertainment (Nasdaq: COOL) will present at the Needham 6th Annual Internet & Digital Media Conference tomorrow.
Sealed Air's (NYSE: SEE) largest shareholder Davis Selected Advisors expressed concerns about the company's acquisition of Diversey Holdings and may oppose the deal.
On the downside
Concerns that Peru's newly elected president Ollanta Humala may increase mining royalties and impose additional government regulations sent shares of Compania de Minas Buenaventura (NYSE: BVN) and Southern Copper (NYSE: SCCO) tumbling.
Shares of The Bank of Ireland (NYSE: IRE) continued falling after the bank announced on Friday that it will issue new stock to raise up to $3.2 billion.
Orexigen Therapeutics (Nasdaq: OREX) stock extended its losses after announcing on Friday that it will no longer pursue regulatory approval for its weigh loss treatment Contrave.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 802.
