Service Sector Expands Less Than Expected

Service activity edged up less than expected in January to dampen investor enthusiasm. The markets traded flat during the midday with the Dow slipping 3 points to 10,293 while Nasdaq added a point to 2191.


On the upside

The Food and Drug Administration approved Auxilium Pharmaceuticals' (Nasdaq: AUXL) Xiaflex for treating Dupuytren's contracture, a progressive condition that constricts the fingers.

Brean Murray upgraded Lexmark (NYSE: LXK) after the printing and imaging solutions company reported better than expected earnings yesterday.

Mueller Water Products (NYSE: MWA) narrowed first quarter losses.

On the downside

PSS World Medical (Nasdaq: PSSI) announced the immediate departure of president and chief executive David Smith with chief operating officer Gary Corless stepping in to Smith's roles.

Howard Weil downgraded ATP Oil & Gas (Nasdaq: ATPG).

While fourth quarter earnings rose for Quest Software (NYSE: QSFT), revenue slipped.

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 more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 609.

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This page contains a single entry by published on February 3, 2010 10:30 AM.

Markets Open Flat As Services Sector Posts Modest Gain was the previous entry in this blog.

Markets Close Lower Over Disappointing Service Sector Growth is the next entry in this blog.

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