Mixed Close As Auto Sales Soar While Manufacturing Activity Drops
The markets closed mixed with the Dow falling 54 points to 13,035 manufacturing activity dropped in August but auto sales soared. Nasdaq rose 8 points to 3075.
On the upside
Goldman Sachs analyst Brian Karimzad upgraded GameStop (NYSE: GME) to a Buy rating.
Analysts expect Hovnanian Enterprises (NYSE: HOV) to narrow third quarter losses when the homebuilder reports earnings on Thursday before market open.
An appeals court will allow Santarus (Nasdaq: SNTS) to sue Par Pharmaceuticals (NYSE: PRX) for infringing on patents for its heartburn drug Zegerid.
On the downside
Analysts expect Navistar (NYSE: NAV) to report a loss for the third quarter. Renren (NYSE: RENN) will change its business model from a social networking platform to mobile gaming and e-commerce site.
A Seeking Alpha contributor cautioned investors to carefully read Digital Domain Media's (Nasdaq: DDMG) financials.
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 10 points to 822.
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