Mixed Close As Fitch Warns Of Possible Downgrades

Fitch affirmed the AAA credit rating of France but warned that six other European nations may be downgraded. The markets closed mixed with the Dow slipping 2 points to 11,866 while Nasdaq gained 14 points to 2555.

On the upside

Cobalt International (NYSE: CIE) extended its lease on Diamond Offshore Drilling’s Ocean Confidence rig to continue drilling in waters off the coast of Angola.   

Frontline (NYSE: FRO) raised $285 million to finance its restructuring plan. 

Dahlman Rose upgraded Basic Energy Services (NYSE: BAS) to a Buy rating.

On the downside

Quantum Fuel Systems Technologies Worldwide (Nasdaq: QTWW) priced its public offering of more than 10.5 million units at $0.95 per unit. 

Nevada sued Lender Processing Services (NYSE: LPS) for engaging in fraudulent and deceptive practices. 

Takeda Pharmaceutical declined the opportunity to commercialize Affymax’s (Nasdaq: AFFY) anemia treatment peginesatide in Japan.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 722.

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