Record oil prices and consumer confidence at a 28 year low weighed down the markets during the midday with the Dow falling 40 points to 11,414. Nasdaq lost 6 points to 2315.
On the upside
Online party supplies retailer Celebrate Express (Nasdaq: BDAY) agreed to be acquired by Liberty Media (Nasdaq: LINTA) in an all cash deal valued at approximately $31.1 million.
Finish Line (NYSE: FINL) swung to a profit for the first quarter that surpassed estimates as the company raised prices and controlled inventory.
On the downsideSunOpta (Nasdaq: STKL) chief executive Steve Bromley and chief financial officer John Dietrich have both been dismissed amidst an audit investigation.
Although Christopher & Banks (NYSE: CBK) reported greater than expected earnings for the first quarter, the women's apparel retailer forecast second quarter results well below estimates due to a challenging retail environment.
American Eagle Outfitters (NYSE: AEO) announced that its president and chief merchandising officer Susan McGalla will leave the company January 31, 2009 prompting a downgrade.
In the broad market, declining issues outpaced advancers by a margin of 3 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 696.