Consumer Spending Disappoints, Markets Open Lower
Consumer spending rose less than expected in July to weigh the markets down to a lower open with the Dow tumbling 83 points to 13,024. Nasdaq dropped 24 points to 3056.
On the upside
Pandora Media (NYSE: P) widened second quarter losses as revenue surged but the results were better than expected and the online radio services provider lifted its full year revenue guidance.
Sarepta Therapeutics' (Nasdaq: SRPT) chief executive Chris Garabedian will present at the Stifel Nicolaus 2012 Healthcare Conference on Wednesday, September 5, 2012.
Standard & Poor's will replace Sears Holdings (NYSE: SHLD) on the S&P 500 Index with LyondellBasell Industries (NYSE: LYB) after market close on September 4, 2012.
On the downside
Ciena (Nasdaq: CIEN) fell to a wider than expected loss for the third quarter and forecast current quarter revenue below estimates. Second quarter earnings slipped to fall short of expectations for Vera Bradley (Nasdaq: VRA) and the accessories company trimmed its full year earnings outlook.
TiVo (Nasdaq: TIVO) widened second quarter losses and forecast current quarter results below expectations.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 811.
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