Markets Close Lower Over Disappointing Service Sector Growth
On the upside
NetLogic Microsystems (Nasdaq: NETL) posted better than expected fourth quarter results and forecast first quarter earnings ahead of expectations prompting upgrades.
ZAGG (Nasdaq: ZAGG) has begun accepting invisibleSHIELD pre-orders for the Apple iPad.
Shares of Somaxon Pharmaceuticals (NYSE: SOMX) surged in anticipation of early regulatory approval for the company's insomnnia medication.
On the downside
Analysts cited Alliance Data Systems' (NYSE: ADS) disappointing outlook for cutting their price targets for the credit card processor.
Toyota Motor (NYSE: TM) will send all dealerships in the United States $75,000 to assist with the recall and repair of 2.3 million vehicles.
Polo Ralph Lauren (NYSE: RL) reported higher third quarter earnings that topped estimates but revenue fell and the company warned expenses related to expansion of its Asian operations will hurt fourth quarter results.
In the broad market, declining issues edged out advancers by a margin of more than 5 to 3 on the NYSE and by a margin of 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 3 points to 610.
