Market Monitor

European Economic Concerns Weigh Down Markets

Borrowing costs continued to climb in Italy and Spain sending the markets tumbling during the midday with the Dow plummeting 185 points to 12,743. Nasdaq plunged 50 points to 2996.

On the upside

A Seeking Alpha contributor wrote yesterday that Guanwei Recycling (Nasdaq: GPRC) has the potential to climb to $3 per share in the short term.

Penn Virginia Resource Partners (NYSE: PVR) will pay $1 billion to acquire pipeline company Chief Gathering.

TheStreet listed Openwave Systems (NYSE: OPWV) as one of five stocks under $5 with much momentum.

On the downside

Jefferies downgraded Halozyme Therapeutics (Nasdaq: HALO) to a Hold rating.

Targacept (Nasdaq: TRGT) announced that there was an error in previously reported results of a Phase 2 clinical trial of its asthma treatment TC-6987.

RBC Capital Markets downgraded United Rentals (NYSE: URI) yesterday from Top Pick to Outperform.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 17 points to 785.

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