Soaring Poverty Rate Weighs Down Markets
The markets traded lower during the midday with the Dow slipping 9 points to 10,563 as the nation's poverty rate soared to a record 14.3%. Nasdaq lost 9 points to 2291.
On the upside
Broadband access products company Occam Networks (Nasdaq: OCNW) will be acquired by rival Calix (NYSE: CALX) in a cash and stock deal valued at approximately $171 million.
Orexigen Therapeutics (Nasdaq: OREX) will present at the UBS Global Life Sciences Conference on September 21, 2010 in New York.
Barclays Capital analyst Brian Johnson upgraded Ford (NYSE: F) to an Outperform rating citing improving profits.
On the downside
American Equity Investment Life Holding (NYSE: AEL) will offer $150 million in convertible senior notes.
A 4% increase in home foreclosures weighed down shares of KB Home (NYSE: KBH), D. R. Horton (NYSE: DHI) and PulteGroup (NYSE: PHM).
Huntington Bancshares (Nasdaq: HBAN) unveiled its 24-Hour Grace feature to cover account overdrafts. The stock price fell over lost overdraft fees.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 645.
