Mixed Markets As Consumer Confidence Drops
The markets traded mixed during the midday with the Dow losing 15 points to 13,109 as consumer confidence dropped in August. Nasdaq rose 3 points to 3076.
On the upside
Bargain hunters lifted shares of Peregrine Pharmaceuticals (Nasdaq: PPHM) whose stock price fell yesterday on a negative Seeking Alpha article.
Second quarter earnings nearly doubled for Movado (NYSE: MOV) to top analyst estimates prompting the watchmaker to lift its full year guidance.
Stifel Nicolaus initiated coverage of Discovery Laboratories (Nasdaq: DSCO) last week with a Buy rating.
On the downside
Brown Shoe (NYSE: BWS) narrowed second quarter losses more than expected. General Motors (NYSE: GM) will idle its Chevrolet Volt assembly plant for four weeks sending shares of Polypore (NYSE: PPO) tumbling.
UBS initiated coverage of Freescale Semiconductor (NYSE: FSL) with a Neutral rating.
In the broad market, advancing issues outpaced decliners 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 added 3 points to 813.
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