Stocks Open Mixed as Insurance Companies Rally
The markets opened mixed as investors digested the latest batch of economic news. Consumer prices were flat in April, but New York-area manufacturing continued to contract. The Dow fell 11 points to 8319 while Nasdaq edged up 2 points to 1691.
Las Vegas Sands (NYSE: LVS) announced plans to spin off its Macau assets in an IPO.
Shares of Nordstrom (NYSE: JWN) rose after the high-end retailer posted lower profits that surpassed expectations. The company also boosted its full-year outlook.
Sealy (NYSE: ZZ) was downgraded by an analyst after the mattress maker recently announced plans to refinance its debt.
JC Penney (NYSE: JCP) posted sharply lower profits due to rising pension costs. Meanwhile, overall sales fell 6% due to particularly weak fine jewelry sales.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 8 points to 480.
On the upside
Six major insurance companies received preliminary approval to tap federal bailout funds. Shares of Hartford Financial Services (NYSE: HIG) rallied.Las Vegas Sands (NYSE: LVS) announced plans to spin off its Macau assets in an IPO.
Shares of Nordstrom (NYSE: JWN) rose after the high-end retailer posted lower profits that surpassed expectations. The company also boosted its full-year outlook.
On the downside
Sealy (NYSE: ZZ) was downgraded by an analyst after the mattress maker recently announced plans to refinance its debt.
JC Penney (NYSE: JCP) posted sharply lower profits due to rising pension costs. Meanwhile, overall sales fell 6% due to particularly weak fine jewelry sales.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 8 points to 480.
