Midday Stock RoundupWednesday, August 22, 2012
The Nasdaq fell less than 1% to 3,058 in midday trading Wednesday, while the Dow Jones Industrial Average fell about half a percent to 13,131.
The S&P 500 was also down about half a percent to 1,407.
The yield on a 10-year treasury bond fell about 3% to nearly 2%.
The price of gold was down less than 1% to $1,641.70.
Shares of Irvine-based homebuilder Standard Pacific Corp. were up about 5% to $6 to a market value of a little more than $2 billion.
Foothill Ranch-based teen retailer Wet Seal Inc. fell about 10% to $3, a day after the company gave disappointing guidance for the October quarter. Wet Seal had a recent market value of $250 million.
Shares of Tustin-based drug developer Peregrine Pharmaceuticals Inc. were down about 17% to $2 after a story published today on Seeking Alpha called the company overvalued. Peregrine had a market value of about $243 million. The company’s shares had seen steady gains in recent weeks on positive indicators it had given on the development of its lead product, a cancer drug candidate called bavituximab.