Detroit's bankruptcy filing rattled investors sending the markets lower during the midday with the Dow slipping 13 points to 15,535. Nasdaq dropped 25 points to 3585.
On the upside
The European Medicines Agency granted orphan drug status to Oxigene's (Nasdaq: OXGN) ovarian cancer treatment Zybrestat.
Shares of RetailMeNot (Nasdaq: SALE) surged on its first trading day.
Celsion (Nasdaq: CLSN) signed a Memorandum of Understanding with Zhejiang Hisun Pharmaceutical to develop ThermoDox for China.
On the downside
Advanced Micro Devices (NYSE: AMD) fell to a loss for the second quarter prompting downgrades.
Microsoft (Nasdaq: MSFT) swung to a profit for the fourth quarter but the results fell short of expectations due to poor Surface tablet sales.
Community Health Systems (NYSE: CYH) warned that second quarter earnings would plunge due to lower hospital admissions.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by nearly 9 to 7 on Nasdaq. The broader S&P 500 index added a point to 1690.
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