Drop In Home Construction Weighs Down Markets
A sharp drop in home construction weighed down the markets to a modestly lower close with the Dow slipping 11 points to 10,426. Nasdaq lost 10 points to 2193.
On the upside
Shares of Fortinet (Nasdaq: FTNT) surged on its first trading day.
Solarfun Power Holdings (Nasdaq: SOLF) reversed year ago losses to post a third quarter profit as costs fell and shipments surged.
Rising dry bulk shipping rates lifted shares of Eagle Bulk Shipping (Nasdaq: EGLE) and Excel Maritime (NYSE: EXM).
On the downside
BMO downgraded Research in Motion (Nasdaq: RIMM).
Bank of America downgraded Seagate Technology (Nasdaq: STX).
Melco Crown Entertainment (Nasdaq: MPEL) widened third quarter losses despite a surge in revenue.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 600.
