Markets Lower As Fed May Delay Additional Economic Aid
The markets traded lower during the midday with the Dow slipping 8 points to 10,745 as the Federal Reserve met to discuss further assistance to bolster the sluggish economy. Nasdaq lost 5 points to 2350.
On the upside
Chinese mobile phone maker Zoom Technologies (Nasdaq: ZOOM) announced that client Beijing Tianyu increased its order by 500,000 units per month.
Borders Group (NYSE: BGP) will redesign its superstores with smaller shop sections to offer more non-book products.
TeleNav (Nasdaq: TNAV) extended its contract with major client Sprint (NYSE: S) to include a minimum revenue guarantee.
On the downside
Sterne Agee downgraded SanDisk (Nasdaq: SNDK) citing pricing pressure.
Genoptix (Nasdaq: GXDX) warned that third quarter revenue will be lower than revenue in the second quarter due to a slowdown in new customer acquisition.
ConAgra Foods (NYSE: CAG) disappointed with lower first quarter earnings that fell short of estimates.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 666.
