Mixed Open As Executives Defend Pay Practices

January 13, 2010 6:48 AM |
The markets opened mixed with the Dow rising 11 points to 10,639 while Nasdaq slipped 4 points to 2277 as banking executives defended their compensation and bonus practices.

 

On the upside

Kraft Foods (NYSE: KFT) lifted its full year earnings guidance for the second time.

Google (Nasdaq: GOOG) may withdraw operations from China due to difficult conditions created by the government. Shares of Baidu (Nasdaq: BIDU) rose.

Health Management Associates (NYSE: HMA) appointed Kelly E. Curry to the position of executive vice president and chief financial officer.

On the downside

Barclays Capital downgraded Affymetrix (Nasdaq: AFFX).

El Paso Pipeline (NYSE: EPB) priced its offering of 8.75 million common units at $24.48 per unit.

Tesoro (NYSE: TSO) will begin maintenance work at its Los Angeles refinery today.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 8 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 637.

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