Markets Mixed As Job Losses Fall Less Than Expected
On the upside
Morgan Stanley upgraded United Air Lines parent UAL (Nasdaq: UAUA) and American Airlines parent AMR (NYSE: AMR).
AirTran Holdings (NYSE: AAI) reported that traffic increased by 10.5% in November to over 1.4 billion revenue passenger miles.
Western Refining (NYSE: WNR) president, director and chief operating officer Jeff A. Stevens purchased 50,000 shares of company stock.
On the downside
China BAK Battery (Nasdaq: CBAK) disappointed by swinging to a fourth quarter loss as revenue dropped sharply.
Cummins (NYSE: CMI) announced the temporary layoff of up to 450 employees at its Chautauqua County facility.
Goldman Sachs analyst Drucker Mann downgraded Constellation Brands (NYSE: STZ) saying that consumers will continue to spend less on alcohol purchases.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on both the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 4 points to 593.
