Lower Close Over Strengthening Dollar
The strengthening dollar sent the markets down to a modestly lower close with the Dow falling 19 points to 11,457. Nasdaq dropped 10 points to 2617.
On the upside
Shares of Allied Irish Banks (NYSE: AIB) rose after the Irish parliament approved the European Union's 85 billion euro bailout package.
In an investors meeting, CIBER (NYSE: CBR) set a double digit revenue growth with gross margins over 30% as one of its long term financial goals.
RBC Capital Markets upgraded Ryder System (NYSE: R) to an Outperform rating.
On the downside
Manitowoc (NYSE: MTW) will sell its Kysor/Warren refrigerated systems unit to Lennox International (NYSE: LII) for approximately $138 million.
Domtar (NYSE: UFS) extended its agreement to incorporate Hewlett-Packard's (NYSE: HPQ) patented ColorLok Technology to all of the company's branded business papers but the stock price fell.
eBay (Nasdaq: EBAY) purchased mobile software application developer Critical Path Software for an undisclosed sum but the stock price dropped.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 3 points to 768.
