Market Overview

End-of-Day Market Summary for December 28, 2011

This is your Benzinga news summary for Wednesday, December 28, 2011, covering headlines from Wednesday's daytime trading session.

Today at market close, the Dow Jones Index traded down about 138.88 points or 1.13%, the S&P 500 traded 1.24% lower, the Nasdaq Composite Index traded down 1.34%, and the U.S. dollar trades slightly higher near the $80.95 level.

Earlier today, DA Davidson upgraded Starbucks (NASDAQ: SBUX) to Buy and CL King upgraded MWI Veterinary Supply (NASDAQ: MWIV) to Strong Buy. View all of today's upgrades here.

Canaccord downgraded Enbridge (NYSE: ENB) to Hold and the Oxen Group downgraded Compania Cervecerias Unida (NYSE: CCU) to Hold. View all of today's downgrades here.

Overseas, European markets ended their trading session higher. Britain's FTSE 100 lost 0.1%, Germany's DAX decreased by 2.01% and France's CAC 40 slid by 1.03% on the session. Asian stocks ended their session mixed. China's Shanghai Index gained by 0.19%, Japan's Nikkei 225 decreased by 0.2%, and the Hang Seng index lost 0.59%.

On the economic calendar, nothing came out. On the commodity front, gold and silver futures traded lower today, with gold trading about 0.6% lower today. Energy futures are lower, with crude oil down over 1.7% near the $99.55 level and gasoline futures are trading lower by about 1.3%. Natural Gas futures are lower by about 0.6% and copper futures are trading over 0.4% lower.

There were no earnings announcements today.

In corporate news, Epiq Systems (NASDAQ: EPIQ) announced that it will acquire De Novo Legal for $68 million.

China Sky One Medical (NASDAQ: CSKI) announced that its CFO, Hongyu Pan, will leave the company. The resignation is dated on December 22, 2011, although a new CFO has not been announced.

Jamba (NASDAQ: JMBA) announced that announced plans to expand supply chain to include markets in Colorado and Texas.

Today's Movers include:

Arctic Cat (NASDAQ: ACAT) +20.1% after repurchasing Suzuki's stake for $79 million

Simcere Pharmaceutical Group (NYSE: SCR) +11.6% on intermittent volume

Amyris (NASDAQ: AMRS) +6.8% on light volume

Molycorp (NYSE: MCP) -14.1% on negative analyst comments

KiOR (NASDAQ: KIOR) -9.1% on light volume

Meritor (NYSE: MTOR) -8.5% on light volume

This concludes your news summary for December 28, 2011.

Posted-In: News Broad U.S. Equity ETFs Upgrades Downgrades Events Global Econ #s Economics Best of Benzinga

 

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