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The Real Most Active
Investors rang in the new year by tossing blue chips Tuesday.
The Dow Industrials dropped 140.70 points, or 1.3%, to 10,646.15. The S&P 500 lost 2.8% to 1283.27. Volume swelled 9% to 1.12 billion shares.
Internet equipment makers were among the stocks that traders unloaded. EMC plunged 12 3/16 to 54 5/16 on nearly double usual trade. Robertson Stephens downgraded the data storage firm, citing a slowdown in spending on info
rmation technology. The stock is trading at its lowest point in more than sevenmonths, sitting 48% off its Sept. 25 high.
Biovail slid as low as 33.20 before closing down 2.39 to 36.45 on nearly tripledaily volume. The generic drugmaker announced plans to buy the North American rights and benefits of Aventis Pharmaceuticals' Cardizem family of heart drug products. The deal is worth $409.5 million. The stock popped above its 50-day moving average on Friday, but failed to hold up, crashing below the line Monday.
Brinker International gapped down 6 5/16 to 35 15/16 on nearly three times normal trade. Lehman Bros. downgraded the ...