Mixed Open As Spending Holds Steady
The markets opened mixed with the Dow slipping 18 points to 13,054 while Nasdaq added 2 points to 2947 as consumer spending held steady in June.
On the upside
Cirrus Logic (Nasdaq: CRUS) reported lower first quarter earnings but the results topped analyst estimates and the company forecast sharply higher second quarter revenue.
Accretive Health (NYSE: AH) will settle a lawsuit filed by the Minnesota attorney general by closing operations in the state and paying a fine of approximately $2.5 million.
Cobalt International Energy (NYSE: CIE) widened second quarter losses but the oil exploration company reported a vast amount of hydrocarbon accumulation and oil deposits at its Cameia No. 2 appraisal well offshore Angola.
On the downside
Dendreon (Nasdaq: DNDN) will close a manufacturing facility after sales of its cancer vaccine Provenge dropped.
Coach (NYSE: COH) reported higher fourth quarter earnings but revenue fell short of analyst expectations.
Shares of OCZ Technology (Nasdaq: OCZ) continued falling after Seagate (Nasdaq: STX) refused to address acquisition rumors.
In the broad market, advancing issues edged out decliners by a slim margin of nearly 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 792.
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