Stocks Open Lower on Profit-Taking

August 10, 2009 6:45 AM |
Traders took profits from recent gains as economists pointed out that job growth remained elusive while consumers may spend cautiously.  The Dow lost 32 points to 9337 while Nasdaq fell 4 points to 1995.

On the upside

Mortgage finance company Freddie Mac (NYSE: FRE) announced a surprise profit in the 2nd quarter and a net loss after making dividend payments to the federal government.  The stock promptly surged.

Union workers at trucking company YRC Worldwide (Nasdaq: YRCW) agreed to a paycut and other concessions in exchange for options to own up to 20% of the business.

Dish Network (Nasdaq: DISH) posted lower profits, but revenues stayed level while the number of subscribers for its pay TV services rose.

On the downside

Microsoft (Nasdaq: MSFT) sold its digital advertising unit Razorfish to French advertising company Publicis Groupe SA for $530 million in cash and stock along with a preferred advertising relationship.

Vanda Pharmaceuticals (Nasdaq: VNDA) posted a 2nd quarter loss that was greater than expected.

TRW Automotive Holdings (NYSE: TRW) announced a public offering of 14 million shares.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 569.

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This page contains a single entry by published on August 10, 2009 6:45 AM.

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