Stocks Open Mixed Ahead of Memorial Day Weekend
Investor remained cautious ahead of the long Memorial Day weekend. A bank closure and a possible bankruptcy filing by General Motors next week kept the major indexes in check. The Dow slipped 3 points to 8288. Nasdaq eased a fraction to 1694.
Sales at Salesforce (NYSE: CRM) met expectations, but the company offered modest sales targets for the year.
Sports apparel and equipment retailer Zumiez (Nasdaq: ZUMZ) lowered its 2nd quarter targets. Analyst promptly downgraded the stock.
On the upside
Aruba Networks (Nasdaq: ARUN) reported a narrow 3rd quarter loss that beat expectations. Analysts promptly upgraded the wireless network equipment maker.
Sears Holdings (Nasdaq: SHLD) posted a surprise profit versus a year-ago loss due to better control over its inventory.
Software maker Autodesk (Nasdaq: ADSK) reported 1st quarter profits that beat expectations despite a decline in revenues.
On the downside
Sales at Salesforce (NYSE: CRM) met expectations, but the company offered modest sales targets for the year.
Sports apparel and equipment retailer Zumiez (Nasdaq: ZUMZ) lowered its 2nd quarter targets. Analyst promptly downgraded the stock.
In the broad market, advancing issues outpaced decliners by a margin of 6 to 5 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 481.
