Monday's Biggest Stock Decliners
Shares of Arris Group (NasdaqGS:ARRS - News) tumbled 9% Monday after the company's bid to acquire Norway's Tandberg Television was trumped by Ericsson (NasdaqGS:ERIC - News), which made a SEK9.8 billion ($1.4 billion) cash offer Tandberg in an effort to position itself to capitalize on the rise of demand for television over the Internet.
Shares of Cytori Therapeutics (NasdaqGM:CYTX - News) slid 6.5% after the company said it's raised roughly $21.5 million through a direct stock offering. The San Diego-based biotechnology company said it's agreed to sell 3.75 million common shares for $5.74 per share. The deal also includes five-year warrants covering the purchase of up to an additional 1.87 million common shares for $6.25 each. Cytori plans to use the funds for clinical trials of its Celution Systems for cardiovascular disease and breast reconstruction post lumpectomy as well as general working capital and other purposes.
Instituform Technologies (NasdaqGS:INSU - News) shares fell 8.9% after the company was downgraded to hold from buy at Stifel Nicolaus.
Moody's Corp. (NYSE:MCO - News) shares slipped 3.1% after the company was downgraded to underperform from neutral at Credit Suisse. The firm also lowered its price target on the stock to $64 from $79, citing concerns about fallout from weakness in the subprime mortgage market.
Novartis (NYSE:NVS - News) shares dipped 2.6% after the Food and Drug Administration said it wants the company to conduct another study about a key diabetes drug. The company said the FDA is seeking further study of Galvus, designed to treat Type 2 diabetes, in specific patient groups with kidney problems.
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Shares of Cytori Therapeutics (NasdaqGM:CYTX - News) slid 6.5% after the company said it's raised roughly $21.5 million through a direct stock offering. The San Diego-based biotechnology company said it's agreed to sell 3.75 million common shares for $5.74 per share. The deal also includes five-year warrants covering the purchase of up to an additional 1.87 million common shares for $6.25 each. Cytori plans to use the funds for clinical trials of its Celution Systems for cardiovascular disease and breast reconstruction post lumpectomy as well as general working capital and other purposes.
Instituform Technologies (NasdaqGS:INSU - News) shares fell 8.9% after the company was downgraded to hold from buy at Stifel Nicolaus.
Moody's Corp. (NYSE:MCO - News) shares slipped 3.1% after the company was downgraded to underperform from neutral at Credit Suisse. The firm also lowered its price target on the stock to $64 from $79, citing concerns about fallout from weakness in the subprime mortgage market.
Novartis (NYSE:NVS - News) shares dipped 2.6% after the Food and Drug Administration said it wants the company to conduct another study about a key diabetes drug. The company said the FDA is seeking further study of Galvus, designed to treat Type 2 diabetes, in specific patient groups with kidney problems.
Published By MarketWatch
posted by Stock Administrator @ 12:07 AM
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