Economic Recovery Concerns Weigh Down Markets
Renewed concerns about the stalled economic recovery weighed the markets down during the midday with the Dow slipping 5 points to 10,208. Nasdaq lost 10 points to 2169.
On the upside
Shares of SinoCoking Coal (Nasdaq: SCOK) rose ahead of its corporate update conference call tomorrow.
Warner Chilcott (Nasdaq: WCRX) announced a special dividend of $8.50 per share payable on September 8 to shareholders of record August 30.
Shares of data storage companies CommVault (Nasdaq: CVLT) and Compellent (NYSE: CML) rose on Hewlett-Packard's (NSYE: HPQ) $1.5 billion offer for 3Par (NYSE: PAR).
On the downside
OfficeMax (NYSE: OMX) eliminated the OfficeMax Company Stock Fund from its employee benefit plans.
Reuters reported that Vale (NYSE: VALE) will not make an offer for Potash (NYSE: POT).
Japanese buyers in negotiations with aluminum supplier Alcoa (NYSE: AA) expect to cut premiums fourth quarter shipments.
In the broad market, advancing issues outpaced decliners by a margin of more than 10 to 9 on the NYSE while decliners edged out advancers by 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 609.
