Shrinking Economy Weighs Down Markets

September 30, 2009 1:32 PM |
The markets closed lower with the Dow losing 29 points to 9712 as the nation's economy shrank in the second quarter.  Nasdaq eased a point to 2122.

On the upside 

Axcelis Technologies (Nasdaq: ACLS) introduced an upgrade for its high energy ion implanter product line.

Petrobas Energia (NYSE: PZE) is completing reorganization plans.

Nike (NYSE: NKE) reported higher first quarter earnings even as revenue slipped.

On the downside

First Industrial Realty Trust (NYSE: FR) priced its public offering of 12.5 million common shares at $5.25 per share.

Blockbuster (NYSE: BBI) tapped its clients to create a Top 100 Most Loved Movies list but the stock price fell.

Dyax (Nasdaq: DYAX) is offering 5.5 million common shares to raise capital.

In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 6 points to 604.

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