The S&P 500 declined 0.38% to 2.010.17 in midday trading.
The Dow Jones Industrial Average was flat at 17,365.18 and the Nasdaq fell 0.57% to 4,612.40.
The yield on a 10-year Treasury bond went up 0.94% to 2.33%.
The price of gold was down 0.13% to $1,168.30.
Aliso Viejo-based drug maker Avanir Pharmaceuticals Inc. was up 2.1% to $13.20 and a market cap of $2.3 billion. Deutsche Bank initiated coverage on the company with a ‘buy’ rating and a price target of $17, noting the stock’s potential after recent positive data from phase two trials of a drug that might treat aspects of Alzheimer’s disease.
Foothill Ranch-based Skilled Healthcare Group Inc. was up 4.7% to $7.16 and a market cap of $287.3 million. The healthcare facility operator reported third quarter net income of $640,000 reversing a net loss of $12.1 million in the same period last year. Its numbers beat Wall Street expectations and Skilled Healthcare offered guidance for the fourth quarter in line with analysts’ estimates.