Consumer Borrowing Up, Markets Close Mixed
It was a mixed close for the markets with the Dow gaining 33 points to 6627 as consumer borrowing unexpectedly climbed in January and the nation's unemployment rate surged. Nasdaq lost 6 points to 1294.
Citi Investment Research analyst Jim Suva questioned Research in Motion's (NYSE: RIMM) net subscriber addition projections.
Shares of Ford (NYSE: F) dropped after General Motors (NYSE: GM) hinted that it may have to file for bankruptcy protection.
On the upside
Marvell Technology Group (Nasdaq: MRVL) swung to a loss for the fourth quarter but the results topped expectations and the chip maker forecast first quarter income above estimates prompting an upgrade.
GE Capital (NYSE: GE) announced that it will buy back approximately $1.5 billion in debt.
Roche increased its hostile tender offer for Genentech (NYSE: DNA) to $93 per share after its initial bid of $86.50 failed to generate shareholder interest.
On the downside
Citi Investment Research analyst Jim Suva questioned Research in Motion's (NYSE: RIMM) net subscriber addition projections.
Shares of Ford (NYSE: F) dropped after General Motors (NYSE: GM) hinted that it may have to file for bankruptcy protection.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 351.
