Mixed Close Over Mixed Housing Report
It was a mixed close for the markets with the Dow losing 29 points to 8474 as housing starts fell overall but construction of single family homes rose. Nasdaq added 2 points to 1734.
UBS analyst Vishal Shreedhar upgraded Gildan Activewear (NYSE: GIL) citing better margins and improved sales.
Although Solarfun Power Holdings (Nasdaq: SOLF) swung to a first quarter loss as revenue plunged, the results topped analyst estimates.
Simcere Pharmaceutical (NYSE: SCR) reported lower first quarter earnings that fell short of expectations.
KBW analyst Robert Lee warned that Invesco's (NYSE: IVZ) plan to sell $400 million worth of common shares may be indicative of a tight cash flow situation.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 493.
On the upside
FONAR (Nasdaq: FONR) reversed year ago losses to post a profit for the third quarter as revenue rose and the company cut costs.UBS analyst Vishal Shreedhar upgraded Gildan Activewear (NYSE: GIL) citing better margins and improved sales.
Although Solarfun Power Holdings (Nasdaq: SOLF) swung to a first quarter loss as revenue plunged, the results topped analyst estimates.
On the downside
Simcere Pharmaceutical (NYSE: SCR) reported lower first quarter earnings that fell short of expectations.
KBW analyst Robert Lee warned that Invesco's (NYSE: IVZ) plan to sell $400 million worth of common shares may be indicative of a tight cash flow situation.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 493.
