Markets Flat As Sales Drop
The markets traded near the flatline during the midday with the Dow adding 5 points to 10,143 as a drop in sales tempered news of better than expected gain in wholesale inventories. Nasdaq rose 5 points to 2180.
On the upside
Monsanto (NYSE: MON) will pay a $2.5 million fine to the Environmental Protection Agency for selling mislabeled genetically altered cotton seeds.
Wendy's (NYSE: WEN) introduced four new salads to its menu and will test breakfast items at select locations.
Fortress Investment (NYSE: FIG) bought approximately $232 million worth of loans made to DaVinci Holdings.
On the downside
The Department of Education will review Grand Canyon Education's (Nasdaq: LOPE) federal student loan program processes and procedures.
Big 5 Sporting Goods (Nasdaq: BGFV) blamed the weak economy and cold weather on the West Coast for lowering its second quarter guidance.
NTP sued smartphone makers Apple (Nasdaq: AAPL), Google (Nasdaq: GOOG), Microsoft (Nasdaq: MSFT), Motorola (NYSE: MOT), HTC Corp. and LG Electronics for patent infringement.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 2 points to 622.
