Markets Modestly Lower Despite Retreating Oil Prices

Despite retreating oil prices and better than expected reading of the nation's services sector, the markets traded lower during the midday with the Dow falling 25 points to 8254. Nasdaq dropped 24 points to 1772.

On the upside

Technology Business Research ranked Dell (Nasdaq: DELL) number one in customer satisfaction for the first quarter of 2009 for all categories.

Auriga U.S.A. upgraded Sprint Nextel (NYSE: S).

On the downside

Avondale Partners downgraded Republic Airways (Nasdaq: RJET).

Sealy (NYSE: ZZ) announced that it raised approximately $173 million through the sale of senior secured notes.

While Yingli Green Energy (NYSE: YGE) paid off debt early and secured two credit facilities, the solar cell maker also issued approximately $29.4 million in senior convertible notes.

Bloomberg.com reported that Bank of America's (NYSE: BAC) bad loans will increase 10% in the second quarter to approximately $7.6 billion.

In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 489.