Despite Upbeat Consumer Sentiment, Markets Close Lower
Despite a greater than expected gain in consumer sentiment, the markets closed modestly lower with the Dow tumbling 62 points to 8268. Nasdaq dropped 9 points to 1680.
Protective Life (NYSE: PL) priced its offering of 13.5 million common shares at $9 per share.
Jefferies lifted its price target for Red Hat (NYSE: RHT).
Fitch Ratings warned that it may downgrade Fifth Third Bancorp (Nasdaq: FITB) and Wells Fargo (NYSE: WFC).
Developers Diversified Realty (NYSE: DDR) declared a quarterly dividend of $0.50 per depositary share of Preferred Class G stock payable on June 16, 2009 to shareholders of record May 29, 2009.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 475.
On the upside
Although first quarter earnings for WuXi PharmaTech (NYSE: WX) slipped, revenue rose prompting upgrades.Protective Life (NYSE: PL) priced its offering of 13.5 million common shares at $9 per share.
Jefferies lifted its price target for Red Hat (NYSE: RHT).
On the downside
Fitch Ratings warned that it may downgrade Fifth Third Bancorp (Nasdaq: FITB) and Wells Fargo (NYSE: WFC).
Developers Diversified Realty (NYSE: DDR) declared a quarterly dividend of $0.50 per depositary share of Preferred Class G stock payable on June 16, 2009 to shareholders of record May 29, 2009.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 475.
