Markets Close Lower Over Disappointing Economic Data
Disappointing factory orders and services sector activity sent the markets down to a lower close with the Dow falling 65 points to 8675. Nasdaq lost 10 points to 1825.
On the upside
Angiotech Pharmaceuticals (Nasdaq: ANPI) entered a license, distribution and supply agreement for Haemacure's proprietary fibrin and thrombin technology.
Raymond James analyst Budd Bugatch upgraded La-Z-Boy (NYSE: LZB) saying that the company's prices will attract consumers once the economy recovers.
KeyBanc Capital Markets analyst Todd Fowler upgraded Hub Group (Nasdaq: HUBG) .
On the downside
Shares of CIT Group (NYSE: CIT) continued to fall after Fitch Ratings cut the financial services firm's senior debt ratings.
Although Mechel OAO (NYSE: MTL) reported higher 2008 earnings, the results missed estimates by a wide margin.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 522.
