Stocks Open Lower on Mixed Economic Data

October 20, 2009 7:00 AM |
Stocks open lower as investors mulled over a drop in September wholesale prices and an increase in housing construction.  The Dow fell 21 points to 10,071 while Nasdaq slipped 2 points to 2174.

On the upside 

Caterpillar (NYSE: CAT) posted a decline in 3rd quarter profits, but offered an encouraging outlook for 2010.

Temporary staffing agency MPS Group (NYSE: MPS) received a $1.3 billion buy-out offer from Switzerland-based Adecco SA.

Lexmark International (NYSE: LXK) posted lower revenues and a modest profit.  The printer and copier maker also announced job cuts to trim costs.

On the downside

Boston Scientific (NYSE: BSX) returned to profitability in the 3rd quarter, but the medical device maker lowered its overall earnings and revenue outlook.

Shares of Coca-Cola (NYSE: KO) slipped as 3rd quarter revenues fell due to the weak dollar while profits rose.

Shares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) continued to fall after an analyst set a price target of zero for the two stocks.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 618.

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