Mid-Day Report
Despite a smaller than expected drop in durable goods orders, the markets traded lower during the midday with the Dow losing 12 points to 12,536. Nasdaq fell 10 points to 2471.
On the upside
Kaufman Brothers analyst Theodore O'Neill initiated coverage of Akeena Solar (Nasdaq: AKNS) with a Buy rating saying growing demand will boost the stock price to $12 in twelve months.
Polo Ralph Lauren (NYSE: RL) reported higher fourth quarter earnings that beat expectations due to increased revenue and a lower tax rate.
Although challenging economic conditions weighed down first quarter earnings for Chico's FAS (NYSE: CHS), the results surpassed estimates.
On the downside
DHL informed Air Transport Services Group (Nasdaq: ATSG) that it is reducing its air network in the United States. ATSG's subsidiary ABX Air provides DHL with aircraft, flight crews, maintenance and technical services.
Shares of Ligand Pharmaceuticals (Nasdaq: LGND) plunged after the Food and Drug Administration said that the blood disorder drug Promacta that the company developed with GlaxoSmithKline (NYSE: GSK) is ineffective.
KeyCorp (NYSE: KEY) blamed the continuing credit crisis for raising its loan losses outlook for 2008.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost a point to 733.
