Markets Retreat As Investors Await Fed Meeting Results
The markets retreated into negative territory with the Dow slipping 6 points to 13,069 as investors await the outcome of the Federal Reserve meeting later this week. Nasdaq lost 13 points to 2944. On the upside
A Seeking Alpha contributor wrote that ATP Oil and Gas (Nasdaq: ATPG) may not file for bankruptcy protection. Sarepta Therapeutics (Nasdaq: SRPT) regained compliance for Nasdaq listing by maintaining a $1 minimum closing bid price for ten consecutive business days. Roper Industries (NYSE: ROP) reported higher second quarter earnings and announced the acquisition of Sunquest Information Systems for approximately $1.4 billion in cash. On the downside Credit Suisse analyst Michael Exstein said that J.C. Penney's (NYSE: JCP) efforts to revitalize its brand with the new branded shops within a department store concept will be challenging. Second quarter earnings for Lufkin (Nasdaq: LUFK) fell short of analyst expectations and the oilfield services provider forecast earnings and revenue that missed analyst estimates. Needham downgraded Progenics Pharmaceuticals (Nasdaq: PGNX) after the Food and Drug Administration requested additional clinical data for its opioid-induced constipation treatment Relistor. In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE and by nearly 2 to 1 Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 791.