No New Stimulus Funds, Markets Close Lower

The markets tumbled to close sharply lower with the Dow plunging 119 points to 11,295 after the Federal Reserve failed to inject additional stimulus funds into the economy. Nasdaq dropped 19 points to 2529.

On the upside

A Bloomberg survey of analysts indicated that Rex Energy (Nasdaq: REXX) is expected to soar 31% over the next year.

Piper Jaffray initiated coverage of Achillion Pharmaceuticals (Nasdaq: ACHN) with an Overweight rating.

Genco Shipping & Trading (NYSE: GNK) will present at the Deutsche Bank 2011 Aviation and Transportation Conference on Tuesday, September 13, 2011.


On the downside

Smithfield Foods (NYSE: SFD) reported higher first quarter earnings but revenue fell short of expectations and the packaged meat company forecast disappointing full year results.

An unexpected increase in first time jobless claims weighed down shares of homebuilder Beazer Homes USA (NYSE: BZH).

Men's Wearhouse (Nasdaq: MW) reported higher second quarter earnings that topped estimates but the men's clothing retailer forecast current quarter revenue below expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 14 points to 694.
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