Flat Close Over Rising Food Prices
Jobless claims fell last week but rising food prices weighed on investors. The markets close flat with the Dow losing 10 points to 13,165. Nasdaq gained 7 points to 3018.
On the upside
Vringo will pay approximately $22 million in cash to acquire 500 patents from Nokia (Nasdaq: NOK).
MEMC Electronic Materials (NYSE: WFR) reported better than expected second quarter earnings yesterday.
MBIA (NYSE: MBI) reported higher second quarter earnings and vowed to collect an estimated $2 billion settlement from Bank of America (NYSE: BAC) for selling fraudulent mortgage backed securities.
On the downside
A Seeking Alpha contributor wrote that shares of Clearwire (Nasdaq: CLWR) will probably retreat. Four analysts downgraded Select Medical (NYSE: SEM) saying that there was little upside to the stock price.
Second quarter earnings slipped for Boingo Wireless (Nasdaq: WIFI) to fall short of expectations and the company forecast current quarter and full year results below estimates.
In the broad market, advancing issues edged out decliners by a margin of nearly 9 to 7 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 2 points to 802.
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