Bank Of England Cuts Growth Forecast, Markets Open Lower
The markets opened lower with the Dow slipping 9 points to 13,159 after the Bank of England cut its growth forecast for Britain. Nasdaq lost 6 points to 3008. On the upside
Dean Foods (NYSE: DF) reversed year ago losses to post a greater than expected profit for the second quarter prompting the company to lift its full year outlook. Separately, the company filed for an initial public offering of its subsidiary WhiteWave Foods MEMC Electronic Materials (NYSE: WFR) fell to a second quarter loss as margins tumbled but the results were better than expected. Jefferies & Co. analyst Peter Misek wrote yesterday that Research in Motion (Nasdaq: RIMM) may engage in discussions to license its BB10 operating system to Samsung. On the downside Priceline.com (Nasdaq: PCLN) reported higher second quarter earnings but revenue missed expectations and the discount travel site forecast current quarter results below estimates.Williams Partners (NYSE: WPZ) priced its public offering of 8.5 million common units at the discounted price of $51.43 per unit. UBS downgraded Verifone (NYSE: PAY) to a Neutral rating. In the broad market, declining issues outpaced advancers by a margin of 9 to 7 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 800.