Rising Wholesale Prices Weigh Down Markets

Rising wholesales prices weighed down the markets during the midday with the Dow falling 45 points to 11,050. Nasdaq lost 13 points to 2428.

On the upside

Rumors circulated that Wendy's/Arby's Group (NYSE: WEN) may be acquired.

Fairchild Semiconductor International (NYSE: FCS) impressed with sharply higher third quarter earnings that topped analyst estimates as revenue climbed.

Radian Group (NYSE: RDN) subsidiary Radian Guaranty appointed Brien J. McMahon to the newly created position of chief franchise officer.

On the downside

Charming Shoppes (Nasdaq: CHRS) chief executive James P. Fogarty resigned after eighteen months leading the company.

H&R Block (NYSE: HRB) will pay approximately $287.5 million in cash to acquire tax preparation software company 2SS Holdings.

Morgan Keegan downgraded SunTrust Banks (NYSE: STI) to a Market Perform rating. 

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq.