Markets Close Flat As Manufacturing Activity Plunges
The markets closed near the flatline with the Dow sliding 5 points to 9320 as manufacturing activity plunged to a 26-year low. Nasdaq rose 5 points to 1726.
On the upside
Although Standard & Poor's downgraded health insurer credit outlooks, shares of Cigna (NYSE: CI), Coventry Health Care (NYSE: CVH) and Humana (NYSE: HUM) all rose.
Shares of Avis Budget Group (NYSE: CAR) rose ahead of its earnings release later this week.
Shares of Principal Financial Group (NYSE: PFG) surged ahead of its earnings release after market close.
On the downside
Office Depot (NYSE: ODP) will offer a $20 rebate plus no interest payments until January 2010 for purchases over $499 made before December 24 using the Chase Worklife Rewards Visa Credit Card. Chase is a unit of JPMorgan Chase & Co. (NYSE: JPM).
Pennsylvania Real Estate Investment Trust (NYSE: PEI) swung to a loss for the third quarter due to higher depreciation and amortization as well as increased interest expenses.
Crosstex Energy (NYSE: XTEX) cited the challenging economic environment for lowering its dividend and warned that profitability will be hurt by Hurricanes Ike and Gustav.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 539.
