Lower Open As Consumer Sentiment Falls

The markets opened lower with the Dow slipping 12 points to 15,164 as consumer sentiment fell in May. Nasdaq lost 9 points to 3436.

On the upside

Elan (NYSE: ELN) will proceed with a formal process to sell the company.

Deutsche Bank upgraded Groupon (Nasdaq: GRPN) to a Buy rating from a Hold rating and lifted its price target from $6 to $10.

Restoration Hardware (NYSE: RH) swung to a better than expected profit for the first quarter and forecast current quarter results ahead of estimates.

On the downside

Investors expect Myriad Genetics (Nasdaq: MYGN) toy lose its monopoly on genetic testing for breast cancer risk after the Supreme Court ruled that human DNA could not be patented.

Himax Technologies (Nasdaq: HIMX) priced its secondary offering of more than 22 million American Depositary Shares at the discounted price of $5.25 per ADS.

Capstone Turbine (Nasdaq: CPST) reported a loss for the fourth quarter prompting a downgrade.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 5 on the NYSE while decliners edged out advancers by 3 to 2 on Nasdaq. The broader S&P 500 index eased a fraction to 1635.

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