Services Sector Contracts, Markets Slip
The nation's services sector continued to contract in April to weigh down the markets during the midday with the Dow losing 36 points to 8390. Nasdaq dropped 22 points to 1741.

On the upside

Amylin Pharmaceuticals (Nasdaq: AMLN) requested that the Food and Drug Administration approve its once a week injectable diabetes drug exenatide LAR.

An analyst upgraded MGM Mirage (NYSE: MGM) after the casino operator posted a first quarter profit.

A Bloomberg News article said that AIG (NYSE: AIG) is expected to report a first quarter profit and will most likely not need additional capital from the government.

On the downside

Harmonic (Nasdaq: HLIT) disappointed with lower first quarter results that fell short of estimates and forecast second quarter revenue below expectations.

Myriad Genetics (Nasdaq: MYGN) reversed year ago losses to post a profit for the third quarter but revenue misses estimates.

Chesapeake Energy (NYSE: CHK) widened first quarter losses due to a significant write-down.

In the broad market, declining issues outpaced advancers by a margin of 3 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap lost 7 points to 499.

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