Service Sector Expands Less Than Expected
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.