The markets traded lower during the midday over a modest 0.6% economic growth during the fourth quarter of 2007. The Dow dropped 71 points to 12,352 while Nasdaq tumbed 28 points to 2296.
On the upside
Fourth quarter earnings for Solarfun Power Holdings (Nasdaq: SOLF) rose as demand climbed and margins improved.
Speculation that National City (NYSE: NCC) may sell itself lifted shares of the bank.
MF Global (NYSE: MF) ended its exclusive clearing agreement with Man Group which now frees $800 million in capital.
On the downside
Huron Consulting (Nasdaq: HURN) blamed a disappointing financial consulting business for slashing its first quarter outlook.
Fourth quarter earnings plunged for DSW (NYSE: DSW) to fall short of expectations as same store sales tumbled.
Shares of Western Digital (NYSE: WDC) tumbled after Baird analyst Jayson Noland said that the hard drive industry faces difficult conditions as prices fall.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE, but were edged out on Nasdaq by nearly 9 to 7. The Russell 2000 which tracks small cap stocks slipped 3 points to 699.