Federal Reserve Cuts Outlook, Markets Close Lower
The Federal Reserve cut its 2009 economic outlook to weigh down the markets to close lower with the Dow dropping 52 points to 8422. Nasdaq lost 6 points to 1727.
FBR Capital Markets analyst Adrienne Tennant upgraded Talbots (NYSE: TLB) and lifted her price target citing the company's efforts to stabilize liquidity problems.
Bank of Ireland (NYSE: IRE) announced plans to repurchase debt securities.
On the upside
Tween Brands (NYSE: TWB) reported a narrower than expected loss as revenue fell.FBR Capital Markets analyst Adrienne Tennant upgraded Talbots (NYSE: TLB) and lifted her price target citing the company's efforts to stabilize liquidity problems.
Bank of Ireland (NYSE: IRE) announced plans to repurchase debt securities.
On the downside
GSI Group (Nasdaq: GSIG) warned that it may take an impairment charge of up to $235 million.
Second quarter earnings for Eaton Vance (NYSE: EV) plunged as revenue tumbled.
Ann Taylor (NYSE: ANN) swung to a first quarter loss due to lower revenue.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by a margin of more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stockslost 3 points to 489.
