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MENAFN - ProactiveInvestors - Australia - 28/11/2012

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US markets were lower as investors feared a lack of progress on the fiscal cliff issue.
(MENAFN - ProactiveInvestors - Australia) U.S. equity markets were lower Tuesday afternoon as investors remained worried about the fiscal cliff issue in Washington, brushing aside Greek's debt deal. Senate Majority leader Harry Reid reportedly said little progress had been made in fiscal-cliff talks. But at a daily press briefing, White House spokesman Jay Carney denied that the talks have broken down.

In corporate news, Amazon (NASDAQ:AMZN) shares rose after it said that worldwide sales of its Kindle device were more than double last year's record over the holiday shopping weekend.

Packaged food maker ConAgra (NYSE:CAG) announced that it reached a deal to buy Ralcorp (NYSE:RAH), the largest U.S. manufacturer of private label food, for 90 a share in cash - a 28% premium from Monday's closing price.

Home-security monitoring company ADT Corp. (NYSE:ADT) Tuesday reported fiscal fourth-quarter earnings edged up 1.1 per cent on higher revenue and a stronger gross margins.

Acadia Pharmaceuticals (NASDAQ:ACAD) stock surged 155 per cent Tuesday on positive news for its Parkinson's drug.

Shares of Green Mountain Coffee Roasters (NASDAQ:GMCR) rose more than 2% ahead of the company's earnings release, due out after the closing bell.

U.S.-listed shares of Research In Motion (TSE:RIM) (NASDAQ:RIMM) shed 8.6% Tuesday as AllThingsD blog reported that Morgan Stanley analyst Ehud Gelblum took a more bearish stance on the Blackberry maker.

According to the article, Gelblum suggested the BlackBerry maker's better-than-expected second quarter earnings were just an anomaly, and not the start of a trend, and was also pessimistic about the launch of the BlackBerry 10 in the new year. This news follows a rally for the stock in recent days, as many analysts have lifted their ratings on the Waterloo-based tech company on better-than-anticipated reviews of the new operating system.

 






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