US stocks took a tumble on Monday with commodity related shares falling on lower oil prices and a stronger dollar. The financial sector also took a battering on concern that a federal tax credit for home buyers is to expire.
The Dow Jones industrial average fell 104 points to 9,868. The S&P500 Index lost 13 points to 1,067 and the NASDAQ also dropped 13 points to 2,142.
In company news: Shares in communication services company Verizon Communications Inc (NYSE:VZ) declined 0.73 per cent to $28.64. The company reported a 30 per cent fall in third quarter earnings that nonetheless beat expectations. Verizon says higher costs outweighed an increase in revenue due to a strong performance from its wireless business.
Shares in global communications services provider McGraw-Hill Companies Inc (NYSE:MHP) lost 3.35 per cent to $29.47. The company posted earnings for the third quarter that declined from the year before and also downgraded its outlook for revenue for the year on declines in advertising in its media division.
Shares in technology company Elron Electronic Industries Ltd (NASDAQ:ELRN) gained 14.97 per cent to $6.99. According to Reuters the company has received an expression of interest for the potential acquisition of its subsidiary Medingo. Medingo develops and commercialises miniature insulin dispensing patch pump for the needs of insulin-dependent diabetic patients.
And shares in pharmaceutical company SuperGen Inc (NASDAQ:SUPG) surged 13.45 per cent to $2.70. The company says it has agreed to work with GlaxoSmithKline to develop cancer drugs. SuperGen says it has received an upfront payment of $5 million as part of the multi-year deal. Checking the NASDAQ Top 100: The best performer was Amazon.com which jumped 5.19% to $124.63. The next top performers were Marvel Technology Group and Paychex.
NII Holdings was the NASDAQ’s worst performing stock on Monday, falling 4.58% to $29.57. Millicom International and Juniper Networks also finished lower.
