Flat Close As Investors Await Fed Meeting Minutes
The markets closed flat with the Dow easing 3 points to 13,271 as investors awaited the release of Federal Reserve minutes tomorrow. Nasdaq edged down a fraction to 3076.
On the upside
Shares of GameStop (NYSE: GME) continued rising after reporting better than expected second quarter earnings and raising its quarterly dividend last week.
Analysts expect Qihoo (NYSE: QIHU) to forecast third quarter results ahead of expectations.
Apple's (Nasdaq: AAPL) market capitalization surged to a record $623 million as investors eagerly anticipate the release of the iPhone 5.
On the downside
The lockup period for Yelp (NYSE: YELP) expires on August 29. Janney Montgomery Scott downgraded CapitalSource (NYSE: CSE) to a Neutral rating.
A Texas judged issued a two week restraining order last week preventing Life Partners Holdings (Nasdaq: LPHI) from destroying records or dissipating assets.
In the broad market, declining issues outpaced advancers by a margin of more than 9 to 7 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 3 points to 816.
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