No Increase For Stimulus Package, Markets Close Lower

The markets closed lower with the Dow dropping 80 points to 12,109 over disappointment that the Federal Reserve failed to increase the stimulus package. Nasdaq fell 18 points to 2669.

On the upside

ZAGG (Nasdaq: ZAGG) paid approximately $105 million in cash and stock to acquire mobile device accessories company iFrogz.

Deutsche Bank upgraded Western Refining (NYSE: WNR) to a Buy rating.

Analysts anticipate an expansion of the partnership between Clearwire (Nasdaq: CLWR) and Sprint (NYSE: S).

On the downside

A Seeking Alpha article said that Liz Claiborne (NYSE: LIZ) and Talbots (NYSE: TLB) is a poorly run companies among women's apparel retailers.

Shares of Nanosphere (Nasdaq: NSPH) continued falling after the Food and Drug Administration rejected the company's verigene clopidogrel metabolism nucleic acid test yesterday.

Piper Jaffray analyst Gene Munster expects Apple (Nasdaq: AAPL) to introduce the Apple TV at the end of 2012 rather than at the end of this year as many have speculated.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 6 points to 799.
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