The markets opened mixed as falling industrial production reinforced the notion of a slowing economy. The Dow edged up 12 points to 13,122 while Nasdaq lost 13 points to 2605.
On the upside
Garmin (Nasdaq: GRMN) withdrew its offer to buy Tele Atlas for $3.3 billion. Instead, the personal navigation device maker struck a deal with Navteq.
Agilent Technologies (NYSE: A) posted higher profits boosted by strong sales of its bio-analysis products.
Salesforce (Nasdaq: CRM) reported higher earnings as the online customer relations management software provider continued to add users at a brisk rate.
On the downside
FedEx (NYSE: FDX) lowered its profit outlook due to higher fuel costs cutting into margin and a slowing freight market.
Shares of Franklin Credit Management (Nasdaq: FCMC) tumbled after it announced the possibility of insolvency and suspended the funding of new loans.
Virgin Mobile USA (NYSE: VM) posted higher revenues and expected a solid holiday sales season, but losses widened.
In the broad market, advancing issues edged out decliners by a margin of 10 to 9 on the NYSE, but were outpaced by a margin of 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased 2 points to 768.