Concerns about Cyprus weighed the markets down to a lower open with the Dow dropping 78 points to 14,480. Nasdaq fell 20 points to 3232.
On the upside
A Seeking Alpha contributor expects the Food and Drug Administration to approve Chelsea Therapeutics’ (Nasdaq: CHTP) symptomatic neurogenic hypotension in Parkinson’s disease treatment Northera.
SAIC (NYSE: SAIC) reversed year ago losses to post a profit for the fourth quarter and the company declared a special dividend.
Mad Money’s Jim Cramer said that Diana Shipping (NYSE: DSX) was poised to rebound.
On the downside
Morgan Stanley downgraded Cliffs Natural Resources (NYSE: CLF) to an Underweight rating.
Francesca’s Holdings (Nasdaq: FRAN) announced a secondary offering of more than 7.39 million common shares.
Aastrom Biosciences (Nasdaq: ASTM) will end development of its critical limb ischemia treatment.
In the broad market, declining issues outpaced advancers by a margin of 3 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The broader S&P 500 index lost 8 points to 1555.
