Unexpected Drop In Retail Sales Weighs Down Markets
June retail sales unexpectedly fell to send the markets down to a lower close with the Dow losing 49 points to 12,727. Nasdaq fell 11 points to 2896. On the upside
Alnylam Pharmaceuticals (Nasdaq: ALNY) reported positive results from a Phase I clinical trial of its TTR-mediated amyloidosis treatment ALN-TTR02. The Wall Street Journal reported that C&S Wholesale Grocers may explore acquiring the distribution unit of Supervalu (NYSE: SVU). Sprint Nextel (NYSE: S) launched its 4G LTE wireless data network. On the downside Facebook (Nasdaq: FB) acquired the development talent behind mobile app maker Spool. Green Mountain Coffee Roasters (Nasdaq: GMCR) continued falling after Stifel Nicolaus cut its earnings guidance for the company last week. BMO Capital Markets analyst Amit Sharma downgraded Dean Foods (NYSE: DF) to a Market Perform rating citing rising feed expenses. In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 796.