Lower Open As China's Economic Growth Trimmed
The markets opened lower with the Dow slipping 2 points to 13,304 as economist trimmed their growth forecast for China's economy. Nasdaq lost 11 points to 3125.
On the upside
Talisman Energy (NYSE: TLM) announced the immediate resignation of president and chief executive John Manzoni who will be replaced by director Hal Kvisle.
A Seeking Alpha contributor expects Sprint (NYSE: S) reverse losses to post a profit in the near future.
Peregrine Pharmaceuticals (Nasdaq: PPHM) narrowed first quarter losses as expenses fell.
On the downside
Geron (Nasdaq: GERN) stopped a mid-stage trial of its breast cancer treatment imetelstat because it was ineffective. Zalicus (Nasdaq: ZLCS) ended development of its rheumatoid arthritis treatment Synavive after failed a Phase 2b clinical trial.
Plain Exploration & Production (NYSE: PXP) will pay approximately $5.55 billion to acquire Gulf of Mexico assets from BP (NYSE: BP).
In the broad market, declining issues outpaced advancers by a slim margin on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 841.
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