Markets Open Lower Over Drop In Wholesale Inventories
A greater than expected drop in wholesale inventories weighed down the markets in early morning trading with the Dow slipping 5 points to 9621. Nasdaq eased a fraction to 2083.
On the upside
Barclays Capital upgraded American Axle & Manufacturing (NYSE: AXL).
MGM Mirage (NYSE: MGM) extended the exchange date for its senior notes.
FedEx (NYSE: FDX) lifted its outlook for the first quarter as international shipments improved.
On the downside
Finisar (Nasdaq: FNSR) announced a 1-for-8 reverse stock split effective September 25, 2009.
First quarter earnings for National Semiconductor (NYSE: NSM) tumbled.
Union Bankshares (NYSE: UBSH) priced its offering of 4.725 million common shares at $13.25 per share.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 596.
