Chronicle Journal: Finance

Mixed Close As DOJ Investigates Chinese Companies

The markets closed mixed with the Dow surging 143 points to 11,153 as Germany backed plans to expand the European bailout fund.  Nasdaq fell 10 points to 2480 after news that the Department of Justice was investigating Chinese companies for accounting irregularities weighed down technology stocks.

On the upside

Eastman Kodak (NYSE: EK) shareholder Investment Partners Asset Management urged the company to sell itself.

The 2011 Cogent Research Retirement Planscape survey of defined contribution investment managers ranked ING (NYSE: ING) #1 in terms of loyalty, favorable impression and nine brand attributes. 

Forbes reiterated its price target of $9 for The New York Times Company (NYSE: NYT).

On the downside

Macquarie expect’s (NYSE: YOKU) revenue growth to slow and its gross margins to fall. 

Concerns that China’s booming economy may be slowing weighed down shares of jewelry retailer Tiffany (NYSE: TIF).

The Department of Justice is investigating the accounting practices of Chinese companies listed on U.S. stock exchanges such as Focus Media Holding (Nasdaq: FMCN) and ReneSola (NYSE: SOL). 

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 10 points to 662.

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