October 18, 2012 at 10:43 AM EDT
China's Economic Growth Slows, Markets Open Lower
A slowdown in China's economic growth weighed the markets down to a lower open with the Dow slipping 2 points to 13,554. Nasdaq lost 15 points to 3088.
On the upside
Supervalu (NYSE: SVU) fell to a second quarter loss and reported that it was involved in ongoing discussions on strategic options.
KeyCorp (NYSE: KEY) reported higher third quarter earnings that topped analyst estimates.
MGM Resorts (NYSE: MGM) will pay $161.4 million to Macau for land to build a new casino resort.
On the downside
MannKind (Nasdaq: MNKD) priced its offering of 40 million common shares and warrants to purchase 30 million common shares at the discounted price of $2.00.
Sprint (NYSE: S) will take a majority stake in Clearwire (NYSE: CLWR) by acquiring approximately 31 million Class A shares and approximately 2.7 million Class B shares.
Nokia (NYSE: NOK) widened third quarter losses more than expected as revenue fell.
In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 7 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 842.
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