Stocks Hold Lower; Cabela's, Innocoll Shares Drop Heading Into 2017

Stocks continue to fall on the last trading day of 2016. Cabela's and Innocoll shares decline following recent news.
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Stocks moved lower on the last trading day of the year, but the Dow is expected to have its best year since 2013 after moving away from it 20,000 milestone. All three indices are poised to close 2016 with gains. Of the 11 S&P 500 sectors, the top gainer for the year was energy, up 23.4%. Financials jumped 19.1% and telecommunications services increased 17.1%. The only sector that declined this year was health care, down 4.2%. Shares of outdoor retailer Cabela's (CAB) dropped after the company in its regulatory filing said that the Federal Trade Commission requested additional information about its merger with Bass Pro Shops. Cabela's said the request does not indicate the FTC has competition concerns. The deal is worth $4.5 billion. Innocoll Holdings (INNL) received a "refusal to file letter" from the FDA for its drug used for post-surgical pain saying it should be cataloged as a "drug/device combination." Shares of the pharmaceutical company plummeted over 65%.