Markets Mixed As Economy Continues To Shrink

August 27, 2009 10:21 AM |
The markets traded mixed during the midday with the Dow rising 19 points to 9563 while Nasdaq lost 9 points to 2015. The nation's economy shrank in the second quarter by an annualized rate of 1% while initial applications for unemployment benefits slipped.

On the upside 

Immunomedics (Nasdaq: IMMU) reported positive results from a Phase IIb clinical trial for its lupus treatment.

Former American International Group  (NYSE: AIG) chief executive Maurice Greenberg expressed a willingness to assist new chief executive Robert Benmosche.

Oshkosh (NYSE: OSK) landed a $280.9 million contract to supply the U. S. Army with 2,568 trucks and trailers.

On the downside

Clayton, Dubilier & Rice's $250 million investment in NCI Building Systems (NYSE: NCI) has been delayed.

A class action lawsuit was filed against CardioNet (Nasdaq: BEAT) on behalf of stock purchasers between April 30, 2009 and June 30, 2009.

Johnson & Johnson (NYSE: JNJ) ended its development of Alkermes' (NYSE: ALKS) month long version of its antipsychotic treatment risperidone.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 577.

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This page contains a single entry by published on August 27, 2009 10:21 AM.

Stocks Open Lower Despite Improving Economic News was the previous entry in this blog.

Modestly Higher Close As Economy Shrinks Less Than Expected is the next entry in this blog.

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