Moody's Downgrades Bank Of America, Markets Trade Mixed

The markets traded mixed during the midday with the Dow falling 49 points to 11,358 after Moody's downgraded the debt rating of Bank of America. Nasdaq gained 7 points to 2597.

On the upside

The Paragon Report issued an equity research report on Human Genome Sciences (Nasdaq: HGSI), whose lupus treatment Benlysta was approved for marketing in the US, Europe and Canada.

Hewlett-Packard's (NYSE: HPQ) board of directors will discuss the possibility of replacing chief executive Leo Apotheker with board member and former eBay chief executive Meg Whitman.

Speculation that Range Resources (NYSE: RRC) may be acquired lifted shares of the natural gas company.


On the downside


NuVasive (Nasdaq: NUVA) must pay $101.2 million to Medtronic (NYSE: MDT) for patent infringement.


Alpha Natural Resources (NYSE: ANR) cut its 2011 coal production outlook due to lower demand.


comScore reported that AOL (NYSE: AOL) was fifth on its list of most visited websites in August behind leaders Google (Nasdaq: GOOG), Yahoo (Nasdaq: YHOO), Microsoft (Nasdaq: MSFT) and Facebook.


In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 686.

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