Lower Open As Trade Deficit Widens
The nation's trade deficit widened more than expected to weigh the markets down to a lower open with the Dow losing 23 points to 13,447. Nasdaq slipped 7 points to 3114.
On the upside
Sanford C. Bernstein upgraded Dendreon (Nasdaq: DNDN) to an Outperform rating.
Infosys (NYSE: INFY) reported lower third quarter earnings but the results beat expectations.
Best Buy (NYSE: BBY) reported flat domestic holiday sales, reversing a pattern of declining sales over the past three quarters.
On the downside
ArQule (Nasdaq: ARQL) reported that its colorectal cancer treatment tivantinib failed a midstage clinical trial. KBR (NYSE: KBR) blamed charges for slashinbg its 2012 earnings guidance.
UBS downgraded J.C. Penney (NYSE: JCP) to a Sell rating.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by 5 to 4 on Nasdaq. The broader S&P 500 index slipped 3 points to 1468.
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