In an effort to boost crude oil prices, OPEC slashed daily production by 2.2 million barrels. The Dow lost 59 points to 8865 while Nasdaq fell 10 points to 1580.
On the upside
Cadence Pharmaceuticals (Nasdaq: CADX) reported positive results from a late stage clinical trial for its pain medication Acetavance.Although VeriFone Holdings (NYSE: PAY) swung to a fourth quarter loss, the results met expectations while revenue rose.
Pro investors favored First Solar (Nasdaq: FSLR) among all US solar companies during the third quarter.
On the downside
Newell Rubbermaid (NYSE: NWL) blamed the slumping global economy for slashing its fourth quarter as well as its full year outlook. The company also announced job cuts and salary freezes.
Legett & Platt (NYSE: LEG) warned of a fourth quarter loss and cut its full year guidance due to weak demand.
In the broad market, declining issues outpaced advancers by more than 5 to 4 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 479.
