Lower Open As Asia's Economic Growth Trimmed
The World Bank trimmed its economic growth outlook for Asia which weighed the markets town to a lower open with the Dow losing 43 points to 13,566. Nasdaq dropped 22 points to 3113.
On the upside
ITG Research said that used retail revenue growth for CarMax (NYSE: KMX) was greater than last year.
Morgan Stanley analyst Scott Devitt upgraded Netflix (Nasdaq: NFLX) to an Overweight rating.
Marathon Petroleum (NYSE: MPC) will pay approximately $2.5 billion to acquire a Texas City refinery from BP.
On the downside
Wal-Mart (NYSE: WMT) partnered with American Express (NYSE: AXP) to offer a reloadable prepaid card to customers. Shares of prepaid card company Green Dot (NYSE: GDOT) tumbled.
Affymetrix (Nasdaq: AFFX) warned that third quarter revenue would fall short of analyst expectations.
BTIG downgraded Facebook (Nasdaq: FB) to a Sell rating.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 839.
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