The stock market is losing some of its early gains in late day trading as S&P warns top six euro zone nations. The ratings agency is set to announce later today that it is putting Germany, France, the Netherlands, Austria, Finland and Luxembourg on credit watch negative. This means there is a 50% chance of a downgrade within 90 days. Following this news, the major indices saw some of their early gains fall, but they are still positive for the day. The Dow is up 74 points, the Nasdaq is up 27 points and the S&P is up 12 points.
Let’s take a look at the biggest stock losers in late trading today.
VisionChina Media Inc. (NASDAQ:VISN) is down 10.42% at $1.29 with about an hour left in the trading day. VISN has traded 445 thousand shares so far today, more than double its daily average. VISN is dipping today after the stock spiked more than $0.50 yesterday. VisionChina Media has a market cap of 131.92 million.
Inhibitex, Inc. (NASDAQ:INHX) is down 9.09% at $14.10 in late trading today. INHX has traded 1.9 million shares so far today and averages 2.1 million shares a day in volume. INHX has started to pull back some over the past few days after it the first half of last week. Inhibitex has a market cap of 1.11 billion.
Glu Mobile, Inc. (NASDAQ:GLUU) is down 6.40% at $3.51 today. GLUU has traded 2.2 million shares so far today, well above its daily average of 1.5 million shares. GLUU is falling today after it rose the previous four trading sessions from $2.80 to nearly $3.80. Glu Mobile has a current market cap of 223.58 million.
Idenix Pharmaceuticals Inc. (NASDAQ:IDIX) is down 7.54% at $7.60. IDIX has traded 585 thousand shares so far today and trades 788 thousand shares on average daily. IDIX stock is coming back down today after it surged on Friday. On Friday, IDIX moved from $7.60 to $8.40. Fast forward to today and it has given up all of that gain. Idenix has a market cap of 732.69 million.
Nokia Corporation (NYSE:NOK) is down 4.89% at $5.35 in late day trading. NOK has traded 19.9 million shares so far today and trades 28.2 million shares a day on average. NOK has been losing ground steadily the past three trading sessions. Nokia Corporation has a current market cap of 19.89 billion.