Weak Economic Data Weighs Down Markets

The markets closed lower over weakness in the services sector and higher than expected job losses. The Dow dropped 39 points to 9280 while Nasdaq fell 18 points to 1993.

On the upside

American Axle & Manufacturing (NYSE: AXL) narrowed second quarter losses and warned that it may still file for bankruptcy.

Shares of Triad Guaranty (Nasdaq: TGIC) rose ahead of its earnings release after market close on Friday.

CBL & Associates (NYSE: CBL) reported higher funds from operations for the second quarter.

On the downside

Idenix Pharmaceuticals (Nasdaq: IDIX) priced its offering of nearly 7.25 million common shares at $3.14 per share.

Ameristar Casinos (Nasdaq: ASCA) reported lower second quarter earnings that fell short of expectations.

Second quarter earnings plummeted for Baker Hughes (NYSE: BHI) as revenue dropped.

In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 565.