The markets had yet another down day today with the selling pressure pushing the broad indices to close the lows of the session. The Dow 30 closed down 151 (-0.86%), the S&P 500 closed off 20 (-1.01), and the Nasdaq 100 closed off by 47 (-0.98%) as the bio-tech sector weighed.Allergan (AGN ) was a main focus in the headlines today as the US treasury department has issued new rules on corporate conversions that seems to be aimed at Allergan's pending $160 billion deal with Pfizer (PFE ). Shares lost 14.77% today as investors feared that the new rules would put an end to the pending deal. The companies issued a dual statement saying that they are conducting a review of the Department of Treasury's actions and won't speculate on any potential impact prior to completing such a review.
Shares of State Street (STT ) lost 1.99% today following reports that two of the company's former executives are being charged with securities fraud for using secret commissions. Shares of State Street have under performed this year so far and this news seems to have sparked a round of selling pressure.
Popular gaming company Wynn Resorts (WYNN ) fell 2.66% today after the company announced additional documents filed in Nevada court that charges Wynn Resorts Chairman and CEO Stephen Wynn with putting the company at risk by engaging in unchecked biz activities and reckless behavior.
