Lower Open As Yen Weakens

The markets opened sharply lower with the Dow plunging 123 points to 12,107 after Japan intervened to weaken the yen. Nasdaq dropped 24 points to 2712.

On the upside

Dahlman Rose upgraded Nabors Industries (NYSE: NBR) to a Buy rating after the company appointed Anthony Petrello to replace departing chief executive Gene Isenberg.


The Food and Drug Administration approved Pacira Pharmaceuticals' (Nasdaq: PCRX) post surgical pain treatment EXPAREL.


A district court ordered Amphastar Pharmaceuticals, Watson Pharmaceuticals and International Medical Systems to stop selling generic versions of Momenta Pharmaceuticals' (Nasdaq: MNTA) Lovenox until Momenta's patent infringement suit is settled.

On the downside


NPS Pharmaceuticals (Nasdaq: NPSP) reported positive results from a STEPS 2 long-term open-label study of its short bowel syndrome treatment GATTEX but the stock price tumbled.

Sohu.com (Nasdaq: SOHU) reported higher third quarter earnings as revenue rose but gross margins fell.

Investors locked in profits on Suntech Power (NYSE: STP), Trina Solar (NYSE: TSL) and Yingli Green Energy (NYSE: YGE) whose stock prices all rose last week after European leaders unveiled a plan to resolve the debt crisis.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap tumbled 14 points to 746.

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