Mixed Open As Service Sector Growth Slows
The markets opened mixed with the Dow slipping 34 points to 13,058 as growth in the nation's service sector slowed last month. Nasdaq held steady at 2982.
On the upside
BioMarin Pharmaceutical (Nasdaq: BMRN) reported positive results from a Phase III clinical trial of its genetic disorder treatment MOR-004.
Metropolitan Health Networks (NYSE: MDF) will be acquired by Humana (NYSE: HUM) in a deal valued at approximately $850 million.
Strategic Hotels & Resorts (NYSE: BEE) announced the immediate resignation of president and chief executive officer Laurence S. Geller prompting an upgrade. On the downside
Pharmacyclics (Nasdaq: PCYC) reversed year ago losses to post a profit for the first quarter but the results fell short of analyst expectations.
Investors locked in profits on Radian Group (NYSE: RDN), which posted its first quarterly profit in 2012 last week.
Time Warner Cable (NYSE: TWC) reported higher third quarter earnings but the results fell short of analyst expectations.
In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 813.
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