Hiring Pace Slows, Markets Close Lower
Despite an increase in September wholesales inventories, the markets closed lower with the Dow dropping 60 points to 11,346 as the pace of hiring slowed. Nasdaq fell 17 points to 2562.
On the upside
Logitech International (Nasdaq: LOGI) raised its long-term gross margins to range between 35% to 37% from a range of 32% to 34%.
American Public Education (Nasdaq: APEI) reported higher third quarter earnings that topped analyst estimates as enrollment and course registrations increased.
Broadsoft (Nasdaq: BSFT) reversed year ago losses to post a better than expected profit for the third quarter.
On the downside
TiVo (Nasdaq: TIVO) argued before an appeals court that EchoStar (Nasdaq: SATS) and Dish Network (Nasdaq: DISH) continue to infringe on its patents.
Falling silver prices weighed down shares of Silvercorp Metals (NYSE: SVM) and Silver Wheaton (NYSE: SLW).
Hospitality Properties Trust (NYSE: HPT) reported higher third quarter funds from operations that topped analyst estimates but the stock price fell.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 10 points to 726.
