The markets opened mixed as investors mulled over June consumer confidence numbers that sank to 28-year lows. The Dow slipped 5 points to 11,448 while Nasdaq rose 3 points to 2324.
On the upside
Shares of AZZ (NYSE: AZZ) surged after the maker of electronic components posted quarterly profits that doubled and raised its outlook for the year.
Shares of AK Steel (NYSE: AKS) rose after the company was added to the S&P 500.
On the downsideShares of Yahoo (Nasdaq: YHOO) slipped as investors were mostly unimpressed with the latest reorganization and executive shuffle at the beleaguered Internet portal.
A Credit Suisse analyst downgraded shares of Nokia (NYSE: NOK) due to intense competition in the smartphone business. Shares of Research in Motion (Nasdaq: RIMM) which makes the popular Blackberry mobile device remained under pressure due to yesterday's lowered guidance.
Steelcase (NYSE: SCS) reported lower profits. The maker of office furniture raised its outlook, but it was still tempered by the slow U.S. economy.
In the broad market, declining issues outpaced advancers by a margin
of nearly 10 to 9 on the NYSE and were nearly even on Nasdaq. The
Russell 2000 which tracks small cap stocks rose a fraction to 699.