Wholesale Inventories Disappoint, Markets Open Lower

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The markets opened lower with the Dow slipping 30 points to 10,754 as wholesale inventories rose less than expected. Nasdaq lost 6 points to 2368.

On the upside

Legg Mason (NYSE: LM) reversed year ago losses to post a better then expected profit for the fourth quarter and announced a restructuring plan .

Deutsche Bank upgraded MetroPCS (NYSE: PCS) to a Buy rating.

First quarter earnings for Fossil (Nasdaq: FOSL) surged to beat expectations by a wide margin prompting the watch maker to lift its second quarter as well as its full year outlook.

On the downside

Priceline.com (Nasdaq: PCLN) reported higher first quarter earnings but warned that second quarter results may disappoint after a volcano eruption in Iceland grounded flights.

MBIA (NYSE: MBI) disappointed by swinging to a first quarter loss.

Strategic Hotels & Resorts (NYSE: BEE) will offer 40 million common shares.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 685.

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This page contains a single entry by published on May 11, 2010 6:51 AM.

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