Markets Modestly Lower As Wholesale Inventories Edge Up

The markets recovered early morning losses but continued trading lower with the Dow losing 22 points to 15,216 as wholesale inventories edged up in April. Nasdaq fell 11 points to 3462.

On the upside

Cigna (NYSE: CI) entered a ten-year partnership with pharmacy benefit management services provider Catamaran (Nasdaq: CTRX).

Shares of SGOCO Group (Nasdaq: SGOC) continued soaring after reporting yesterday sharply higher first quarter earnings that nearly doubled as revenue surged.

GameStop (NYSE: GME) began taking pre-orders for the next generation Sony (NYSE: SNE) PS4.

On the downside

Kinross Gold (NYSE: KGC) ended development of the Fruta del Norte project in Ecuador and will take a $720 million charge in the second quarter.

Navistar International (NYSE: NAV) widened losses for the second quarter as revenue tumbled.

Leerink expects GenMark (Nasdaq: GNMK) to be negatively impacted by the launch of Natural Molecular's Personalized Medicine Panel with Luminex (Nasdaq: LMNX) technology.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by more than to 1 on Nasdaq. The broader S&P 500 index fell 6 points to 1635.

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