Midday movers: Netflix, Medicis, ARM Holdings
Stocks are lower after disappointing economic reports from the US and from China.
General Motors (GM), Ford (F) and Fiat-owned (FIATY) Chrysler all reported that their U.S. sales rose by double digits in August.
Among the notable gainers Tuesday: Medicis Pharmaceuticals (MRX) was up 38% to $43.54 after Canada's Valeant Pharmaceuticals (VRX) said Monday afternoon it would buy the company for $44 per share. Valeant's stock also rose 15% in the first day of New York trading after the announcement.
Also higher were shares of Hekmann (HEK), up 24% after it said it will merge with privately held Power Fuels.
Among the noteworthy losers was Netflix (NFLX), down 8% after Amazon.com (AMZN) announced that it had signed a deal with Epix, which will enable Amazon Prime users to access movies from Viacom's (VIA) Paramount Pictures, Lionsgate (LGF), and Metro-Goldwyn-Mayer. Also lower was ARM Holdings (ARMH), down 9% after Deutsche Bank downgraded the stock to "sell," citing falling smartphone chip prices and slowing earnings growth.
Given all the negative news throughout the world, the stock market should be down below 10,000. Of course with all the "funny money" being printed to keep things afloat and "timely comments" from the those in charge, the market will not dip below 12,500 as long as the manipulation of the market continues. It's funny how you no longer hear about Greece, Italy, Spain, Ireland, etc.? I guess they no longer matter. What about the USA...certainly we have states, towns, cities all bankrupt but I guess that doesn't matter either. The "Spin Doctors" will continue to manipulate reports to give the appearance all is well in the job market, unemployment, housing, inflation etc. and the market will continue to go up.
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All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
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