China's Trade Growth Slows, Markets Open Lower
A sharp drop in China's trade growth weighed the markets down to a lower open with the Dow slipping 10 points to 13,155. Nasdaq lost 4 points to 3013.
On the upside
IBM (NYSE: IBM) may be interested in acquiring Research in Motion's (Nasdaq: RIMM) enterprise services unit.
J. C. Penney (NYSE: JCP) fell to a greater than expected loss for the second quarter and withdrew it full year guidance but department store operator reassured investors that its turnaround plan was working.
Fusion-io (NYSE: FIO) reported a loss for the fourth quarter but revenue surged to surpass analyst expectations.
On the downside
Ubiquiti Networks (Nasdaq: UBNT) reported higher fourth quarter earnings and revenue but warned that counterfeit products would negatively impact its business. Spreadtrum Communications (Nasdaq: SPRD) disappointed with lower second quarter earnings.
Second quarter earnings fell for Roundy's (NYSE: RNDY) to miss analyst expectations and the grocery store chain lowered its full year guidance.
In the broad market, declining issues outpaced advancers by a margin of 9 to 7 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 800.
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