Consumer Credit Drops, Markets Close Lower
An unexpected drop in July consumer credit weighed the markets down to a lower close with the Dow falling 52 points to 13,254. Nasdaq tumbled 32 points to 3104.
On the upside
Falling mortgage delinquencies lifted shares of mortgage insurers MGIC Investment (NYSE: MTG) and Radian Group (NYSE: RDN).
Canaccord Genuity initiated coverage of Sunshine Heart (Nasdaq: SSH) on Friday with a Buy rating.
Cell Therapeutics (Nasdaq: CTIC) will present at the Annual Rodman & Renshaw Global Investment Conference tomorrow.
On the downside
Mellanox Technologies (Nasdaq: MLNX) chief financial officer Michael Gray will retire November 5, 2012 and will be replaced by vice president of finance Jacob Shulman. Zacks affirmed its neutral rating on NII Holdings (Nasdaq: NIHD).
Shares of Pandora Media (NYSE: P) continued falling after The Wall Street Journal reported last week that Apple (Nasdaq: AAPL) was developing a music streaming service.
In the broad market, declining issues outpaced advancers by a margin of 3 to 2 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 839.
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