Personal Income Rises Less Than Expected, Markets Lower

A disappointingly small gain in July personal income weighed the markets down during the midday with the Dow falling 58 points to 10,091. Nasdaq dropped 13 points to 2139.

On the upside

Healthcare technology solutions company ADAM (Nasdaq: ADAM) will be acquired by insurance industry e-commerce solutions provider Ebix (Nasdaq: EBIX) for approximately $66 million in stock.

Phoenix Technologies (Nasdaq: PTEC) received an unsolicited $150 billion bid to purchase the company.

BMO Capital Markets upgraded Noble Energy (NYSE: NBL) to an Outperfrom rating.

On the downside

Intel (Nasdaq: INTC) will pay approximately $1.4 billion to acquire Infineon's wireless chip business.

Credit Suisse cut its earnings estimates on Advanced Micro Devices (NYSE: AMD) and Micron Technology (NYSE: MU).

Susquehanna Financial Group cited a downturn in the semiconductor sector for downgrading Texas Instruments (NYSE: TXN).

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 610.