MARKET PULSE-Rambus, NeuroMetrix, Genco, Burlington, Ariad, Gold stocks
(For more market insights, including options activity, click on ; for the Day Ahead newsletter link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks edged lower on Tuesday on profit-taking after the S&P 500 index climbed to a record in the prior session and on caution the Federal Reserve may end its stimulus efforts sooner than expected. The Dow Jones industrial average was down 0.21 percent at 15,991.71, the S&P 500 was down 0.20 percent at 1,804.72 and the Nasdaq Composite was down 0.06 percent at 4,066.307.
** EAGLE BULK SHIPPING INC, $3.1, -12.68 pct
** GENCO SHIPPING AND TRADING LTD, $1.85, -25.10 pct
The dry bulk shippers have hired restructuring advisers a month after creditors sold off large amounts of the companies' debts, the Wall Street Journal reported on Monday, quoting sources familiar with the matter. (r.reuters.com/dys35v)
Banks are trying to improve their balance sheets by scaling down exposure to the shipping industry, which has been in crisis for several years.
Reuters reported in November that Royal Bank of Scotland was in talks to sell $800 million in Eagle Bulk debt. Norwegian bank DNB has said it sold some of the debt it held against Genco.
** RAMBUS INC, $10.0775, +18.14 pct Continued...