Greece prepares reform package, markets trade lower

The markets traded lower during the midday with the Dow falling 49 points to 18,091 as Greece prepared a package of reforms in order to secure a four-month bailout extension. Nasdaq slipped 2 points to 4,952.

On the upside

TowerJazz (Nasdaq: TSEM) swung to a profit for the fourth quarter as revenue soared.

The Food and Drug Administration granted Breakthrough Therapy Designation to Celldex Therapeutics' (Nasdaq: CLDX) adult patients with EGFRvIII-positive glioblastoma treatment rindopepimut.

Polypore International (NYSE: PPO) will sell the assets of its Separations Media business to 3M (NYSE: MMM) for approximately $1 billion then sell the rest of itself to Asahi Kasei for approximately $3.2 billion.

On the downside (Nasdaq: WBAI) denied rumors that the company would lose its license and that chief executive Man San Law had been detained by the Chinese government but the stock price plunged.

Cobalt International Energy (NYSE: CIE) reported a loss for the fourth quarter.

Falling crude oil prices weighed down shares of SandRidge Energy (NYSE: SD).

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by more than 7 to 5 on Nasdaq. The broader S&P 500 slipped 4 points 2105. Bitcoin added $1 to $233.
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